Circulose taps former H&M CEO as chairman

Material manufacturer Circulose has announced the appointment of Helena Helmersson as the new chairman of the board, a position she will take up following her tenure as chief executive officer of Swedish retail giant H&M Group.

Helmersson will be joined by Jonatan Janmark, who has been named chief executive officer at Circulose – formerly Renewcell. Both executives will assume their roles from December 1, 2024.

Their appointments mark another step in the ongoing transformation of Circuclose, the remaining assets of which had been snapped up in a rescue deal by Swedish investment firm Altor earlier this year.

Following the takeover, Altor moved to change the company’s name and cemented Circulose’s future through financing, backing its efforts to scale and pioneer cotton recycling technology after it emerged from bankruptcy.

In a release, principal at Altor, Clara Zverina, said that Circulose needed “experienced and world-class leaders” to help drive a change towards a circular textile industry.

She continued: “We are taking action on that now, and we are immensely proud to attract Helena and Jonatan, a true dream team.

“Their experience and expertise are key for us to secure a stable and successful path for Circulose moving forward. They will be a great addition to Magnus [Lundmark], who has done an excellent job navigating Circulose through an intensive year as interim CEO and will continue to lead operations moving forward.”

In her own statement, Helmersson, who has previously worked with Circulose at H&M, one of the first retailers to apply the fibre within its collections, said the company had an “ambitious agenda ahead”.

Helmersson added: “Circulose feels very much like a natural fit, for me and for the future, and I look forward to contributing with my many years of experience in the fashion industry.”