H&M has announced the appointment of a new chief executive following a boardroom reshuffle sparked by the exit of chairman Stefan Persson.
Shares jumped more than nine per cent after the Swedish retailer said it has appointed Helena Helmersson as its new chief executive as the company’s current boss steps into the role of chairman.
Persson announced he will step down from the board in May after 20 years in the role, and has appointed current chief executive Karl-Johan Persson as his successor.
Helmersson, who is currently chief operating officer, joined H&M as an economist in the buying department in 1997.
Meanwhile, H&M Group finance chief Jyrki Tervonen has been promoted to chief executive of Ramsbury Invest, H&M’s parent company. He will be replaced by Adam Karlsson, current head of controlling at H&M.
Stefan Persson said: “It is my desire that there will be a change in the chairmanship at the coming annual general meeting and that Karl-Johan will take over my role as chairman of the board.
“It is a natural change, after 20 years as chairman, to hand over to Karl-Johan, who has been CEO for more than 10 years.
“I will continue to be a committed owner, just as today, but from a different position.
“In addition, the timing is favourable for making this change now since we have gradually improved profits and have a strong position with many well-established brands, millions of customers worldwide and good financial strength.”