By Nina Trentmann

Puma SE made a company veteran its next chief financial officer as the German sportswear maker looks to benefit from a reopening of the economy in some parts of the world.

Herzogenaurach, Germany-based Puma said Wednesday Hubert Hinterseher would take over from current CFO Michael Lämmermann on June 1. Mr. Lämmermann plans to retire after 28 years with the company, including the past eight years as finance chief, but will stay on as an adviser until the end of the year, Puma said.

Mr. Hinterseher, who joined Puma in 2005, most recently served as global director of financial controlling. As CFO, he will be responsible for finance, legal, information technology and business solutions, while Chief Executive Bjørn Gulden will retain responsibility for products and marketing.

Mr. Hinterseher is expected to help the company grow its business, according to analysts. "The new CFO knows the company well and has been preparing for the new role," said Zuzanna Pusz, head of the European luxury goods research division at UBS Group AG.

Departing CFO Mr. Lämmermann is credited, along with Mr. Gulden, with turning around the company following a decline in sales in 2013. A new strategy launched by the CEO brought changes to the company's product pipeline and readjusted its brand image in recent years, Ms. Pusz said.

The elevation of Mr. Hinterseher is "a natural progression for the company," she added.

The change in the CFO seat comes as Puma forecast higher sales in 2021 after a decrease of 4.9% to EUR5.23 billion (equivalent to $6.28 billion) in 2020 compared with the prior year.

"We feel confident that 2021 will be a better year than 2020," Mr. Gulden said last month, adding that the company expects profit to increase. Puma attributed last year's decline to the coronavirus pandemic, which resulted in store closures around the world.

Still, Puma and other sports apparel companies lack visibility into the pace of the economic recovery and the return of team sports such as soccer -- an important category for the business -- as parts of Europe remain in lockdown and the pandemic has worsened in India. "2021 will unfortunately be again a year with a lot of uncertainty, which will make efficient operations and accurate planning difficult," Mr. Gulden said last month.

The company reported that sales increased by 19.2% to EUR1.55 billion during the first quarter compared with the prior-year period but said that coronavirus-related lockdown measures and port congestion in North America and elsewhere impacted its business.

More than 75% of Puma's sales during the first quarter were generated through its wholesale business, though its direct-to-consumer business also grew.

On Wednesday, Puma elevated another company insider, Arne Freundt, to the role of chief commercial officer.

"I'm very proud that we were able to fill these important board positions with internal candidates and guarantee a smooth transition," Mr. Gulden said about the promotions.

The company didn't immediately respond to a request for additional comment.

--Giulia Petroni contributed to this article.

Write to Nina Trentmann at Nina.Trentmann@wsj.com

(END) Dow Jones Newswires

05-05-21 1804ET