Hennes and Mauritz AB said its 72-year-old chairman, Stefan Persson, is stepping down as the billionaire patriarch of the fashion retailer hands over the reins to his son. Karl-Johan Persson, who had been chief executive of H&M, will in turn hand the CEO role to Helena Helmersson, its chief operating officer, according to a statement on Thursday. “I feel confident in handing over the CEO role to Helena, who is an experiencedand great leader who embodies our values. Helena will continue to work on theplan that we have adopted for 2020 and onwards,” Mr Persson said. H&M has consolidated its business in established markets and focused its expansion efforts in growth markets.

Source: The Irish Times January 30, 2020 11:48 UTC