H&M Hennes & Mauritz stock fell as much as 10% on Wednesday after the Swedish retailer’s CEO stepped down following worse-than-forecast results.
H&M SE:HM.B announced that Helena Helmersson is leaving after four years as CEO, to be replaced by Daniel Erver, a 42-year-old insider who has headed the core H&M unit. Karl-Johan Persson, H&M’s chair, said Helmersson had guided the company through a “very intense” time marked by the pandemic, geopolitical and macroeconomic challenges.
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