Kering boss François-Henri Pinault resigns from Puma's board of directors

François-Henri Pinault no longer sits on Puma's board of directors. During its annual general meeting, Puma confirmed that the head of the Kering group, which owns the German sportswear manufacturer, was resigning from the board.

François-Henri Pinault is CEO of the Kering group.
François-Henri Pinault is CEO of the Kering group.

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Billionaire Pinault's resignation from Puma put fuel on the fire of rumours that the company was soon to be sold. The French luxury goods company Kering owns approximately 86 percent of Puma's stocks.

Puma reports good quarterly results

"I don't feel as though Mr Pinault is particularly keen to rid himself of his Puma stocks," CEO of Puma Björn Gulden told the "Manager Magazine" at the end of March. He said that the idea of selling the company had "never been a topic" of discussion between Pinault and himself.

Puma reported good results at its annual general meeting. According to the report, sales increased by approximately 18 percent to more than one billion Euros during the first quarter of 2017. This resulted in a profit of approximately 70 million Euros.

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