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The CEO of H&M Steps Down Following Disappointing Christmas Sales

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The CEO of H&M Steps Down Following Disappointing Christmas Sales

Helena Helmersson, the CEO of H&M group, has resigned from her position as the company experienced a 4% decline in sales during the critical months of December and January, compared to the previous year.

After four challenging years at the helm, Helmersson has been succeeded by H&M veteran Daniel Ervér.

Having dedicated 26 years to the Swedish fashion giant, she held the CEO role for the last four years.

Expressing gratitude for her significant contributions during a tough period, Karl-Johan Persson, the chair of the H&M group, praised Helmersson as a respected leader who effectively led the company through the pandemic, geopolitical, and macro-economic challenges.

Persson added: “We have made consistent progress towards our long-term goals and are in a strong position with a positive trend in profitability. The conditions are favorable for further advancements in 2024.”

In response, Ervér emphasized the commitment to delivering exceptional value to customers and achieving profitable growth, focusing on offering the best combination of fashion, quality, price, and sustainability in an inspiring shopping environment.

Recent data from the executive search firm Korn Ferry showed that CEO appointments in the UK retail sector decreased by over a quarter in 2023 compared to 2022, with only 31 chief executives appointed, marking the largest drop outside of the Covid period in over a decade.

Image Source: Unsplash

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