CEO of Finnish retailer Stockmann to leave at end of March
HELSINKI, March 22 (Reuters) - Finnish department store and
fashion chain group Stockmann Oyj Abp, which has not
reported an annual net profit since 2013, said its Chief
Executive Lauri Veijalainen will leave the company at the end of
Known for its upmarket department stores, Stockmann has been
hit by consumers' shift towards online shopping, prompting the
company to cut costs and shed assets.
Stockmann said it would immediately start a search for a new
CEO, while chairman Lauri Ratia would take on an executive role
for the time being.
Veijalainen will leave Stockmann on March 31 to take up a
new position outside the company, but will be at the Stockmann's
disposal during his notice period.
"The transformation is a long process and we have already
turned the Stockmann Group's operating result positive. The
journey has had both successes and challenges," Veijalainen, who
has headed Stockmann since 2016, said in a statement.
Last year, Stockmann pulled out of Russia by selling its
last remaining shopping centre in St. Petersburg and said it
would concentrate on developing its department stores in Finland
and the Baltic countries.
For 2018, Stockmann reported a loss of 0.68 euros per share,
while consolidated revenue fell 1 percent to 1.02 billion euros.
(Reporting by Tarmo Virki, editing by Anne Kauranen and Jane
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