People passing a large scale sign for the high street clothes and clothing brand H&M outside their flagship store on the corner of Oxford Street and Regent Street. on 30th March 2023 in London, United Kingdom.
Mike Kemp | In Pictures | Getty Images
Shares of Swedish retailer H&M were down 8% at 09:05 a.m. London time on Wednesday, after the company announced weaker sales and the surprise departure of its chief executive.
H&M sales were 1% lower for 2023 in local currencies, and 4% lower year-on-year in the fourth quarter.
In an unexpected leadership shake-up, former CEO Helena Helmersson, who has been in the role for four years, will be replaced by Daniel Ervér.
In a statement, Helmersson said she was stepping down with “mixed feelings” and was proud of how the firm navigated the pandemic and geopolitical challenges.
“However, it has been very demanding at times for me personally,” she said.
Ervér is currently the head of the H&M Brand and has been at the company for 18 years.
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H&M share price.