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CEO Hannu Penttilä to retire from Stockmann

May 23, 2014 (Finland)

Chief Executive Officer Hannu Penttilä has informed the Board of Directors of Stockmann plc that he will retire on 31 December 2014. Penttilä’s term was extended until further notice in spring 2013, as he had reached the retirement age specified in his service agreement.
 
”Hannu Penttilä’s career at Stockmann spans more than 35 years in various management positions, and his 13-year term as CEO has been exceptionally long. During that time Stockmann has been transformed from a company operating solely on the Finnish market into an international retail business.
 
"The acquisition of Lindex and the construction of the Nevsky Centre shopping centre in St Petersburg were bold and successful moves. I would like to extend my deepest thanks to Hannu at this stage already for his excellent work in developing the company,” says Kaj-Gustaf Bergh, Chairman of Stockmann’s Board of Directors.
 
The Board of Directors has decided to begin a process of reviewing and revising Stockmann’s existing strategy, the outcome of which could have a considerable impact on the present structure of the business operations. The aim is to approve a new Group strategy within the next six months. The process of acquiring a new CEO will proceed with the strategy work and will be linked to its outcome.
 
The Board will play an active role in leading the strategy process. Board member Kjell Sundström will be heading the strategy process. He has been employed by the company as Strategy Director with a fixed-term contract of 6 to 12 months. Sundström will report to the Chairman of the Board.
 
Maisa Romanainen, Director of the Department Store Division, and Göran Bille, Director of the Fashion Chain Division, are responsible for the strategy work in their respective divisions, together with the CFO, Pekka Vähähyyppä.
 

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