Business News
Grandson of H&M founder named new chief executive
Feb 11, 2009, 9:36 GMT
Stockholm - The grandson of the founder of Swedish clothes retailer H&M was named the new chief executive of the group on Wednesday.
Karl-Johan Persson is set to assume the position as chief executive on July 1, replacing the retiring Rolf Eriksen. The pair will work closely together in the run-up to to the handover, the group said.
Persson is grandson of founder Erling Persson, and the son of Stefan Persson, the largest H&M shareholder with a 36-per-cent stake. Stefan Persson has been chairman of the board since 1998.
Karl-Johan Persson, born in 1975, is currently in charge of expansion, business development and brand and new business.
In 2000 he became a board member of the H&M subsidiaries in Denmark, Germany, the United States and Britain, and in 2006 was elected to the board of H&M's parent company.
The incoming chief executive said he had 'a strong commitment to H&M and a long-term view of the company.'
His late grandfather, Erling Persson, opened the first H&M store in Vasteras, west of Stockholm, in 1947. By the end of 2008 the chain operated some 1,700 stores worldwide.
It has over 70,000 employees and posted a pre-tax profit of 2.65 billion dollars for 2008.
COMMENT
blog comments powered by DisqusLatest Headlines in Business
- 1. US unemployment drops further, but figures disappoint
- 2. Japan stocks down as euro debt outweighs positive US data
- 3. Iraq resumes oil flow after pipeline blast in Turkey
- 4. Spanish bond auction lifts eurozone worries, sinks Japan stocks
- 5. ECB holds rates, rules out early exit from emergency measures
Older Talkback
