Fashion chain Hennes & Mauritz has appointed third-generation family member Karl-Johan Persson as the company's new CEO.
Karl-Johan will become one of the youngest CEOs of a global brand when he starts his new role on 1 July aged just 33. The grandson of the founder and son of the current chairman will replace Rolf Eriksen who is retiring.
According to a company statement, H&M's board of directors assessed who they should appoint "during a number of months" and concluded that Karl-Johan "has the background, qualifications and experience that are required to manage H&M going forward. [He] has in depth knowledge of the company, understands the corporate culture and has excellent leadership qualities."
Karl-Johan has had an operational role since 2005 and is currently head of expansion, business development and brand and new business. He has been a board member of H&M's subsidiaries in Denmark, Germany, the US and the UK since 2000 and in 2006 he was elected board member of H&M's parent company.
"I have a strong commitment to H&M and a long-term view of the company," said Karl-Johan. "H&M's development since it started over 60 years ago has been fantastic and there is still much to do."
H&M was established in Västerås, Sweden in 1947 by Erling Persson and today sell clothes and cosmetics in around 1,700 stores around the world.