The chief executive of sportswear brand Puma is to step down from his position next year.
Franz Koch will leave his role at the end of March, with the company hoping to have a new chief executive in place by spring 2013.
Puma chairman Jochen Zeitz has also resigned from his position with effect from December 1 and Jean-François Palus, also PPR Group Managing Director, has now become chairman of the Puma board.
Palus said: “Together with Jochen Zeitz, Franz Koch has been the driver of strategic key initiatives and has strongly contributed to Puma’s development over the past few years.
“I would like to warmly thank Franz for his efforts, commitment and dedication to Puma, as well as his contribution to evolving the organization and management team.”
He added: “Going forward with the future chief executive, who we aim to hire by spring 2013, we will pursue the reorganisation of the company, focus on product innovation and marketing, and will continue to devote the necessary resources to the development of the brand.
“We are now going to write a new chapter for Puma and thanks to the commitment and enthusiasm of the teams I’ve been meeting around the world, I am fully confident in our ability to realize the huge potential of this iconic brand.”