H&M group CEO Helena Helmersson has stepped down as the company reported a 4% decrease in sales during the crucial months of December and January compared to the previous year.
Helmersson, who has been replaced by H&M veteran Daniel Ervér, stated that she made the decision to resign after four demanding years in the position.
She has worked at the Swedish fashion giant for 26 years, serving as the CEO for the last four years.
H&M group chair Karl-Johan Persson expressed gratitude to Helmersson for her significant contributions during a challenging period.
“Helena is a respected leader who has effectively steered the H&M group through a time characterized by the pandemic, geopolitical, and macro-economic challenges.
“During this period, we have made steady progress towards our long-term objectives. The H&M group is in a strong position, with a positive trend in profitability and favorable conditions for further improvements in 2024.”
Ervér stated, “Together with all dedicated colleagues, we will continue to deliver exceptional value for our customers and achieve profitable growth. Our focus will be on providing our customers with the best blend of fashion, quality, price, and sustainability in an inspiring and appealing shopping environment.”
Earlier this week, executive search firm Korn Ferry revealed that CEO appointments in the UK retail sector dropped by more than a quarter in 2023 compared to 2022.
Only 31 chief executives were appointed in the sector in 2023, down from 41 the previous year, marking the largest decrease in over a decade outside of the Covid period.
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