H&M’s top leader steps down in surprise move as earnings disappoint

LONDON (AP) — H&M’s top executive has unexpectedly stepped down and the company’s stock plunged as the fashion giant reported a drop in sales over the holiday shopping season. Helena Helmersson resigned Wednesday after four years as CEO and 26 years at the company. She says she’s proud of the work done over the past few years, including navigating the COVID-19 pandemic, but that “it has been very demanding at times for me personally.” She’s been replaced by Daniel Ervér, who was in charge of the H&M brand and has worked for the Swedish clothing retailer for 18 years. H&M shares fell as much as 11% after the announcement and news that its earnings missed analyst expectations.