- Angela Gonzalez-Rodriguez
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New York – Finnish department store and fashion chain group
Stockmann Oyj Abp has announced its Chief Executive Lauri Veijalainen
will leave the company at the end of the month.
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.
Known for its upmarket department stores, Stockmann hasn’t reported
an annual net profit since 2013, been hit by consumers’ shift towards
online shopping. As a result, the company has been cutting costs and
shedding assets.
Veijalainen will leave Stockmann on Mar, 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.