“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.”Helmersson, who is leaving H&M after 26 years at the company, has been replaced as CEO by Daniel Erver.
He was most recently head of the H&M brand, which is the largest within the group.
H&M shares plunged after the announcements and were more than 9% lower in midday trade in Stockholm.
Earlier this month, it was forced to remove a school uniform advertisement in Australia after social media users complained it sexualized children.
“We are deeply sorry for the offense this has caused,” H&M told CNN.
Persons:
London CNN — Helena Helmersson, ”, ” Helmersson, Daniel Erver, Helmersson, “
Organizations:
London CNN —, Reuters, CNN
Locations:
Swedish, Stockholm, Myanmar, Australia