Daniel Ervér, the current head of retailer H&M, will expand his role to become the CEO of its parent company, H&M Group announced on Wednesday. As the new H&M CEO, Ervér will replace Helena Helmersson, who is stepping down.
Who is H&M’s new CEO?
Daniel Ervér, CEO of H&M Group (Photo credit: H&M)
The move marks the latest advancements in Ervér’s 18-year career at H&M. Ervér began in a summer trainee capacity in 2005, going on to rise up through merchandising and management positions. In retaining his current responsibilities running H&M, he will face ongoing challenges in a competitive fast-fashion landscape. The group’s sales were down 4% year over year in its most recent quarter, which ended Jan. 29. (That figure is calculated in local currencies.)
“As Helena has now chosen to leave the CEO role, we are pleased to appoint Daniel as CEO of the H&M group today,” said Karl-Johan Persson, chair of H&M Group, in a statement. “Daniel is a competent, experienced and respected leader and has the qualities needed to continue to develop the H&M group.”
H&M is No. 13 in the Europe Database, Digital Commerce 360’s rankings of the largest online retailers in the region.
“I am both honored and very happy for the board’s confidence and motivated and humbled by the task,” Ervér said in a press release. “Together with all committed colleagues, we will continue to create unbeatable value for our customers and profitable growth. Our focus will be on offering our customers the best combination of fashion, quality, price and sustainability in an inspiring and attractive shopping environment.”
Helena Helmersson steps down
Helmersson became H&M’s first-ever female CEO in 2020, succeeding Persson, who is the grandson of H&M founder Erling Persson.
“I am very proud of what we together have achieved during the last years when we have navigated through pandemic, and several geopolitical and macroeconomic challenges,” Helmersson said. “However, it has been very demanding at times for me personally and I now feel that it is time to leave the CEO role, which of course has not been an easy decision.”
Persson expressed gratitude to Helmersson, whose own H&M Group career spans 26 years, four of which have been as CEO.
“The board of directors would like to express a big thank you to Helena for her valuable contributions during a very intense time,” said Persson. “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 macroeconomic challenges.”
Shares for the Stockholm-based H&M Group were down more than 11% for the day on Wednesday afternoon. News of the leadership change accompanied results from its full financial year ending in January. Net sales in local currencies for the year were down 1% from the previous year.
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