H&M Appoints New CEO as Chairman Steps Down; Company Reports Profit Rise

Key Points

H&M announced management changes and FY19 earnings.

• Stefan Persson will step down as H&M Chairman, to be replaced by current CEO Karl-Johan Persson—who in turn will be replaced by current Chief Operating Officer Helena Helmersson.
• Under Karl-Johan Perrson’s leadership, H&M grew store numbers aggressively, began selling online in most of its markets and launched a number of additional banners. But, after seeing growth slow, the company launched a turnaround plan in 2018.
• H&M reported its first annual rise in net profit since 2015.