After serving the company for over 20 years as Chairman of the board, Stefan Persson has decided not to stand for re-election at the AGM on May 7, 2020, paving way for current CEO Karl-Johan Persson to succeed him in the role. The company’s board of directors has therefore appointed Helena Helmersson as the new CEO of H & M Hennes & Mauritz AB.

“It is my desire that there will be a change in the chairmanship at the coming AGM 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,“ said Stefan Persson in a statement.

Karl-Johan Persson is the new H&M Chairman; Helena Helmersson, new CEO

The company said that as a consequence of Stefan Persson’s decision, Karl-Johan Persson has decided to vacate the position of CEO. The board of directors has decided to appoint COO Helena Helmersson as Karl-Johan’s successor. Helena Helmersson assumes her role as CEO of H & M immediately.

“Karl-Johan and the team have done an amazing job to secure the future of the H&M group. I am fully convinced that he will do an excellent job also as Chairman of the board. I believe strongly in Helena, who with her long and solid background within the H&M group, now takes over as CEO,” added Stefan Persson.

Helmersson, started at the company in 1997 as an economist at H&M’s buying department and thereafter held various roles within buying and production. Helmersson was sustainability manager for five years and after that production manager based in Hong Kong. For just over a year she has been COO (Chief Operating Officer) with responsibility for expansion, logistics, production, IT, Advanced analytics and AI and Insights and Analytics.

“I feel confident in handing over the CEO role to Helena, who is an experienced and great leader who embodies our values. Helena will continue to work on the plan that we have adopted for 2020 and onwards. I am very happy that Stefan has asked me to actively engage in ownership matters for the family’s private company Ramsbury Invest and that he will propose that I take over as Chairman of the board of H & M Hennes & Mauritz AB,” said Karl-Johan Persson.

“I look forward to driving the plan forward together with my colleagues, with a focus on the customer to continue strengthening our financial development in the short and long term. There is great potential to expand with existing and new brands, with new types of partnerships and to continue leading the development towards a sustainable fashion industry,” added Helmersson.

H&M CFO Jyrki Tervonen to step in as Ramsbury CEO

The company further said that over the years, the CEO and the CFO have always worked very closely together. Karl-Johan Persson has therefore asked Jyrki Tervonen, CFO of the H&M group since 2008, to become CEO at Ramsbury Invest, the parent company of H & M. Tervonen will take up his new position at Ramsbury on 1 July 2020.

Additionally, Adam Karlsson, born in 1976 and currently Head of Controlling at the H&M brand, will today take over as CFO for the H&M group. Karlsson has worked within the H&M group since 2003. He started as business controller at the buying office, was thereafter head of controlling Greater China Production, head of controlling Global Production based in Asia and head of controlling Global Expansion.

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Picture credit:H&M media gallery