"H&M CEO Resigns, Shares Plummet Amid Sales Decline and Surprise Leadership Change"
TL;DR
H&M's CEO Helena Helmersson has stepped down after the company reported a 4% drop in sales for December and January, leading to a 10% decline in shares. Daniel Ervér, a long-time company veteran, has taken over as CEO. The retailer has struggled to compete with rivals like Inditex and Shein, and its fourth-quarter operating profit fell below expectations. The new CEO aims to maintain the company's 10% operating margin goal despite the challenging market conditions.
- H&M CEO quits as sales keep sliding, shares drop Reuters
- H&M CEO quits as sales keep sliding, shares drop New York Post
- H&M Shares Drop Nearly 10 Percent as Daniel Ervér Named H&M Group CEO WWD
- H&M's New CEO: Daniel Erver to Replace Helena Helmersson Bloomberg
- Surprise H&M CEO change sends shares plunging as profits fall short of estimates Fortune
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