PUMA launches Phase IV for long-term business plan
27 Jul '05
6 min read
As investments and share buybacks should be more significant in the beginning of Phase IV, PUMA expects the current net cash position to decline initially and later to gradually build up to be available for non-PUMA brand acquisitions and/or additional share buy backs beyond the new resolution.
Overall, in Phase IV PUMA anticipates achieving a high rate of return on investment as well as the creation of significant shareholder value.
PUMA further announces a change in the board of management. Ulrich Heyd, who has been a PUMA board member in charge of legal affairs and worldwide licensees for over 20 years and who has served the company for over 30 years, has decided to retire at the end of this year. Dieter Bock, member of the Group Executive Committee who has been with PUMA since 1979, will join the board of management with immediate effect, and will be in charge of PUMA Finance.
Jochen Zeitz, CEO: “At year end 2005, all set targets for Phase III should be reached or significantly surpassed. With our strong first-half performance and the successful close of Phase III, we now turn our focus to Phase IV of our strategic plan in which we are targeting to firmly establish PUMA as one of the top 3 brands in the global sporting goods market with the long term mission of becoming the most desirable sportlifestyle company.”
PUMA endeavors not only to be the most desirable Sportlifestyle brand, but also to be the first truly virtual sports company.
Company will achieve their goals by continuing to do what they have always done – harnessing their resources and experiences to provide their consumers with innovative products that successfully fuse the creative influences from the world of sport, lifestyle and fashion.
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