Stockmann names new group CEO

Finnish retailer Stockmann has announced the appointment of Susanne Ehnbåge as the group’s chief executive officer, effective immediately.

Ehnbåge will succeed Jari Latvanen, who is leaving the company for undisclosed reasons.

Notably, Ehnbåge is no stranger to Stockmann. The exec has been leading the group’s fashion retailer Lindex as CEO since 2018, a position she will continue to serve in while stepping into the new role.

She has also served as CEO at NetOnNet Group and Siba, the physical retail side of the company.

Her appointment comes during a period of corporate and financial restructuring at Stockmann, with it recently offloading its entire department store portfolio and implementing debt reduction strategies.

Now, the group will be refocusing on the acceleration of growth and increasing shareholder value.

In a release, Sari Pohjonen, chair of the board for Stockmann Group, said that it was “on the right track” for its transformation and noted that it was the right time to make a change at the helm.

Pohjonen added: “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.”

Next to this appointment, the board of directors has also named Tove Westermarck chief operating officer of the Stockmann division.