H&M’s Chairman Says Don’t Look for Big Changes Under New CEO
- New chief Ervér has spent 18 years at fast-fashion retailer
- Stock tumbles 11% after disappointing results, CEO change
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Hennes & Mauritz AB’s surprise decision to name company veteran Daniel Ervér as its new chief executive officer is unlikely to bring big changes to the fast-fashion group’s strategy, according to its chairman.
“He has the experience, he knows the business, he knows the industry,” Karl-Johan Persson said in an interview Wednesday. “He knows the culture and the values, and is respected internally.”