Daniel Ervér, the present head of retailer H&M, will expand his role to develop into the CEO of its parent company, H&M Group announced on Wednesday. As the brand new H&M CEO, Ervér will replace Helena Helmersson, who’s stepping down.
Who’s H&M’s latest CEO?
Daniel Ervér, CEO of H&M Group (Photo credit: H&M)
The move marks the newest advancements in Ervér’s 18-year profession at H&M. Ervér began in a summer trainee capability in 2005, occurring to stand up through merchandising and management positions. In retaining his current responsibilities running H&M, he’ll face ongoing challenges in a competitive fast-fashion landscape. The group’s sales were down 4% yr over yr in its most up-to-date quarter, which ended Jan. 29. (That figure is calculated in local currencies.)
“As Helena has now chosen to depart the CEO role, we’re pleased to appoint Daniel as CEO of the H&M group today,” said Karl-Johan Persson, chair of H&M Group, in an announcement. “Daniel is a reliable, experienced and revered leader and has the qualities needed to proceed to develop the H&M group.”
H&M is No. 13 within the Europe Database, Digital Commerce 360’s rankings of the biggest online retailers within the region.
“I’m each honored and really comfortable for the board’s confidence and motivated and humbled by the duty,” Ervér said in a press release. “Along with all committed colleagues, we are going to proceed to create unbeatable value for our customers and profitable growth. Our focus might be on offering our customers the very 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’s the grandson of H&M founder Erling Persson.
“I’m very pleased with what we together have achieved throughout the last years when we have now navigated through pandemic, and a number of other geopolitical and macroeconomic challenges,” Helmersson said. “Nonetheless, it has been very demanding at times for me personally and I now feel that it’s time to depart the CEO role, which after all has not been a straightforward decision.”
Persson expressed gratitude to Helmersson, whose own H&M Group profession spans 26 years, 4 of which have been as CEO.
“The board of directors would love to specific an enormous thanks to Helena for her helpful contributions during a really 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 greater than 11% for the day on Wednesday afternoon. News of the leadership change accompanied results from its full financial yr ending in January. Net sales in local currencies for the yr were down 1% from the previous yr.
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