H&M: keeping it in the family

(CercleFinance.com) - Karl-Johan Persson, the former CEO of Swedish clothing stores Hennes & Mauritz, was elected as its board chairman on Thursday.


The 45-year-old executive therefore succeeds his father, Stefan Persson, who at the start of the year, said that he did not want to stand for re-election in charge of the board, after 20 years as chairman.

For the record, the Persson family group is now the largest shareholder in H&M, with a 48% stake, representing nearly 75% of voting rights.

CEO since 2009, Karl-Johan Persson was replaced by Helena Helmersson, a 47-year-old economist who has spent her entire career working for the group, last January.


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