SpaceX Begins IPO Preparations as Wall Street Banks Line Up for Advisory Roles 
SoftBank Eyes Switch Inc as It Pushes Deeper Into AI Data Center Expansion 
Strategy Retains Nasdaq 100 Spot Amid Growing Scrutiny of Bitcoin Treasury Model 
iRobot Files for Chapter 11 Bankruptcy Amid Rising Competition and Tariff Pressures 
Trello Outage Disrupts Users as Access Issues Hit Atlassian’s Work Management Platform 
Fortescue Expands Copper Portfolio With Full Takeover of Alta Copper 
Coca-Cola’s Costa Coffee Sale Faces Uncertainty as Talks With TDR Capital Hit Snag 
SoftBank Shares Slide as Oracle’s AI Spending Plans Fuel Market Jitters 
Rio Tinto Signs Interim Agreement With Yinhawangka Aboriginal Group Over Pilbara Mining Operations 
Nomura Expands Alternative Assets Strategy With Focus on Private Debt Acquisitions 
Nvidia Weighs Expanding H200 AI Chip Production as China Demand Surges 
CMOC to Acquire Equinox Gold’s Brazilian Mines in $1 Billion Deal to Expand Precious Metals Portfolio 
California Jury Awards $40 Million in Johnson & Johnson Talc Cancer Lawsuit 
Moore Threads Stock Slides After Risk Warning Despite 600% Surge Since IPO 
Azul Airlines Wins Court Approval for $2 Billion Debt Restructuring and New Capital Raise 
Air Force One Delivery Delayed to 2028 as Boeing Faces Rising Costs 
HSBC’s $13.6 Billion Take-Private Offer for Hang Seng Bank Gains Board Backing 
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
