H&M shares tumble as CEO steps down

H&M chief executive Helena Helmersson announced Wednesday she was stepping down, sending shares in the fashion retailer tumbling as the Swedish company reported lower-than-expected profits in the fourth quarter.

Helmersson, who has spent four years at the helm and said the job had been “very demanding at times for me personally”, will be replaced by Daniel Erver, who has worked for the group for 18 years in various roles and most recently as head of the H&M brand.

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