Puma chief is making tracks for the exit

The chief executive of Puma is to leave the German footwear giant, following a period of sustained underperformance, despite the Olympics and Euro 2012 football tournament.

Franz Koch, who has been at the helm for less than two years, is to step down in March by "mutual agreement" and Puma wants to find his replacement by next spring.

Olympic gold medalist Usain Bolt and the victorious Spanish football team's Cesc Fabregas were the poster boys for Puma footwear this year but the group issued a profit warning in July.

Net earnings tumbled by 85.1 per cent to €12.2m (£9.8m) over the nine months to September. Puma blamed a slowdown in Europe.