Shares of Swedish retailer H&M were down 8% at 09:05 a.m. London time on Wednesday, after the company announced weaker sales and the surprise departure of its chief executive.
H&M sales were 1% lower for 2023 in local currencies, and 4% lower year-on-year in the fourth quarter.
In an unexpected leadership shake-up at the H&M group, Helena Helmersson, who has been in the CEO role for four years, will be replaced by Daniel Ervér.
"The H&M group is in a strong position, with a positive profitability trend and good conditions to make further improvements in 2024," group chair Karl-Johan Persson said.
"Daniel is a competent, experienced and respected leader and has the qualities needed to continue to develop the H&M group."
Persons:
Helena Helmersson, Daniel Ervér, Helmersson, Ervér, Karl, Johan Persson, Daniel
Organizations:
Oxford Street, Regent
Locations:
London, United Kingdom, Zara