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H&M Hennes & Mauritz AB, also known as H&M Group, announced it has appointed a new chief executive officer as its current leader has quit. The Swedish clothing retail company said that Helena Helmersson is stepping down from her CEO post.
CEO's Sudden Departure
Reuters said replacing the chief was a big surprise to H&M investors. The leadership change was announced on Wednesday, Jan. 31. It was added that Erver's appointment takes effect immediately.
According to the reports, Helmersson decided to step down because the role has been very demanding for her. She is leaving after leading the firm for four years. In any case, Erver is taking over at a time when H&M is struggling to boost its sales due to the highly competitive market.
New Chief of H&M
Daniel Ervér, the newly-appointed chief of the H&M group, is only 42 years old, but he has been working for the company for 18 years already. In the last four years of his tenure, he maintained a high senior executive role overseeing the business.
He started as a trainee in 2005 and climbed to the controller role the following year. Since then, he has been given various merchandising, purchasing, and country management positions in Sweden, the United States, and Germany.
"The board of directors would like to express a big thank you to Helena for her valuable contributions during a very intense time. Helena is an appreciated leader that has decisively and effectively led and navigated the H&M group through a time largely marked by pandemic, geopolitical and macro-economic challenges," H&M chairman Karl Johan Persson, said in a press release. "During this time, we have gradually taken clear steps towards our long-term goals. The H&M group is in a strong position, with a positive profitability trend and good conditions to make further improvements in 2024."
He added, "As Helena has now chosen to leave the CEO role, we are pleased to appoint Daniel as CEO of the H&M group today. Daniel is a competent, experienced and respected leader and has the qualities needed to continue to develop the H&M group."
Daniel Ervér also commented that he is honored and happy for the confidence in him. He said the task has motivated and humbled him even more and promised to focus on offering customers the best combination of fashion, quality, price, and sustainability.
Photo by: Afif Ramdhasuma/Unsplash
