The Sportlifestyle brand PUMA will become a core brand of PPR’s new Sport & Lifestyle Division. In the framework of the next phase of its corporate development, PUMA AG intends to adopt a new legal form by transforming into a European Corporation, PUMA SE. As part of the transformation, PUMA intends to convert its current two-tier board structure with a management board and a supervisory board to the internationally common structure of a one-tier Board. Additionally, managing directors will be responsible for the general management of PUMA SE.
The annual general meeting of Puma AG will be asked to vote on the change of corporate form in April 2011.
Upon the conversion into an SE, Jochen Zeitz will become Executive Chairman of the PUMA SE Board. In the meantime, while all necessary preparations will be taken, Mr. Zeitz will remain in his current role until a new CEO of PUMA has been appointed. Thereupon Jochen Zeitz will assume the new position as head of PPR’S new Sport & Lifestyle Division.