Finnish fashion chain Stockmann Oyj Abp says farewell to CEO

New York - Finnish department store and fashion chain group Stockmann Oyj Abp has announced its Chief Executive Lauri Veijalainen will leave the company at the end of the month.

Stockmann said it would immediately start a search for a new CEO, while chairman Lauri Ratia would take on an executive role for the time being.

Known for its upmarket department stores, Stockmann hasn’t reported an annual net profit since 2013, been hit by consumers’ shift towards online shopping. As a result, the company has been cutting costs and shedding assets.

Veijalainen will leave Stockmann on Mar, 31 to take up a new position outside the company, but will be at the Stockmann’s disposal during his notice period. “The transformation is a long process and we have already turned the Stockmann Group’s operating result positive. The journey has had both successes and challenges,” Veijalainen, who has headed Stockmann since 2016, said in a statement.