CORRECTION: Inside information: Stockmann appoints Susanne Ehnbåge Group CEO

STOCKMANN plc, Inside information 12.5.2023 at 12:00 EET

CORRECTION: Inside information: Stockmann appoints Susanne Ehnbåge Group CEO

The stock exchange release published by Stockmann plc earlier today at 9:00 EET was missing information that the stock exchange release included inside information, and the release was published under the wrong release category. The information that the release includes inside information has been included in this correction release, and this correction release has been published in the release category Inside information. The content of the release has not been changed in other respects.

Inside information: Stockmann appoints Susanne Ehnbåge Group CEO

Stockmann’s Board of Directors has today appointed Susanne Ehnbåge (M.Sc. Econ.) as Group CEO effective immediately. Previous CEO Jari Latvanen is leaving the company.

Susanne Ehnbåge transitions to Group CEO role from internal ranks after successfully leading the Stockmann Group’s fashion retailer Lindex as CEO since 2018. Previously she has been CEO of the consumer electronics online retailer NetOnNet Group, and SIBA, the brick-and-mortar side of the business.

“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,” says 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,” says Susanne 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.

“I would like to thank Jari Latvanen for effectively leading the first phase of the transformation. We recognize that under Jari’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,” says Sari Pohjonen, Chair of the Board, Stockmann Group.

“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.

Furthermore, Stockmann’s Board of Directors has today appointed Tove Westermarck (M.Sc. Econ.) Chief Operating Officer (COO) of the Stockmann division and she will report to the Group CEO.

CV Susanne Ehnbåge
Born 1979, Swedish citizen
M.Sc. (Econ.)

Further information:
Sari Pohjonen, Chair of the Board of Directors, Stockmann Group
Susanne Ehnbåge, CEO, Stockmann Group
Media requests via Stockmann Media Desk, tel. +358 (0)50 389 0011  
Marja-Leena Dahlskog, Head of Communications & IR, tel. + 358 50 502 0060
investor.relations@stockmann.com

www.stockmanngroup.com

STOCKMANN plc

Sari Pohjonen,

Chair of the Board of Directors,

Stockmann Group

Distribution:
Nasdaq Helsinki
Principal media