Puma, Europe's second-largest sporting goods maker, has appointed Bjorn Gulden, head of Danish jewellery brand Pandora, as chief executive after a four-month search.
Gulden, 47, will take over the role on July 1.
He succeeds Franz Koch, who left last month after only two years in the job.
The appointment follows speculation in February that led Pandora to deny that Gulden would be leaving the company.
The new chief executive, a former soccer professional, has "proven leadership quality and know-how in managing sports and footwear brands", said Jean-Francois Palus, chairman of Puma's administrative board. "I am absolutely convinced that Bjorn Gulden is the perfect fit to lead Puma through its continuing restructuring and transformation programme."
The appointment helps fill a management vacuum at Puma after the departure of three senior executives in the past six months. Chief supply officer Reiner Seiz quit in December, a day after the disclosure that Koch was leaving. Chairman Jochen Zeitz resigned in October and was replaced by Palus, managing director of Puma's majority owner Kering, formerly PPR.
"When you have a company where 50 per cent plus of the top management has left, it's always positive to find a new CEO," said Joerg Frey, an analyst at M.M. Warburg in Hamburg.
Puma announced in October that it expected earnings this year to be "significantly below" those of 2011. The company plans more cost reductions to combat a weakening consumer climate in Europe and China.
Pandora, based in Glostrup, Denmark, said that chairman Allan Leighton would succeed Gulden on July 1, with deputy chairman Marcello Bottoli becoming chairman.
Pandora fell 6.8 per cent in Copenhagen trading. Shares had surged 41 per cent this year.