THE WHAT? H&M Group has named Daniel Erver as President and CEO, effective immediately. The 42-year-old has worked for the company for the past 18 years, most recently responsible for the H&M brand, a position he will continue to hold.

THE DETAILS Erver replaces Helena Helmersson who has led the group for the past four years. “I am both honored and very happy for the board’s confidence and motivated and humbled by the task,” said Erver.

THE WHY? The change is widely considered ‘sudden’ and is reported to have shocked the markets. In a press release, Helmersson revealed that the role has been ‘very demanding’ and it was time to leave.

Karl-Johan Persson, Chair of the H&M group, comments, “The board of directors would like to express a big thank you to Helena for her valuable contributions during a very intense time. Helena is an appreciated leader that has decisively and effectively led and navigated the H&M group through a time largely marked by pandemic, geopolitical and macro-economic challenges.

“As Helena has now chosen to leave the CEO role, we are pleased to appoint Daniel as CEO of the H&M group. Daniel is a competent, experienced and respected leader and has the qualities needed to continue to develop the H&M group.”