Finland's Stockmann appoints Susanne Ehnbåge as group CEO

“We are on the right track in our transformation fully in line with our strategy and see that this is the right time to make a change at the helm of Stockmann Group to further support our growth. Susanne Ehnbåge has a strong record of accomplishment in retail and digital consumer business, successfully leading both business and people in rapidly changing market conditions and delivering good financial performance. The consistent growth and performance of the Lindex business has had a fundamental role in enabling the entire Stockmann Group to improve its position. With Susanne taking the lead we want to ensure that we continue this path. At the same time, as part of the ongoing strategy process, we continue to evaluate our strategic options as well as financing for the period after the corporate restructuring,” said Sari Pohjonen, chair of the board, Stockmann Group.

“I am honoured to be asked and tasked to lead the Stockmann Group. There are several interesting developments taking place in the retail business that we have the potential to harness with our talented people. Both Lindex and Stockmann brands thrive and evolve thanks to carefully curated collections and services, our strong sustainability actions as well as investments in improving digitalisation. We will continue driving forward our strategic priorities in multiple areas to accelerate growth in both of our divisions,” said Ehnbåge, newly appointed CEO of Stockmann Group.

During recent years, substantial advances have been made in the strategic re-positioning of the group despite the challenging macroeconomic situation. The restructuring programme has proceeded well, all department store properties have been sold and debt has been significantly reduced. It is now time to shift Stockmann’s focus to accelerating growth and increasing shareholder value, the company said in a press release.

“I would like to thank Jari Latvanen for effectively leading the first phase of the transformation. We recognise that under Latvanen’s leadership committed effort has been made across the company to serve our customers with distinction and nearing completion of the corporate restructuring will allow us to move forward to seek further growth,” said Pohjonen.

“The past four years have been important both for the Stockmann Group and for me. We have succeeded in implementing our customer-centric operating model and enhancing the group’s omnichannel capabilities regardless of the turbulent operating environment. Stockmann’s strengthened performance is a result of the excellent work of our professional and dedicated employees supported by the strong customer and brand loyalty enjoyed by Lindex and Stockmann. I thank the team for the excellent cooperation and our customers and partners for their continued support and good cooperation,” says Jari Latvanen.

In addition to the Group CEO role, Susanne Ehnbåge will continue as Lindex CEO.

Fibre2Fashion News Desk (RR)