Stockmann CEO quits for new job outside the company

By

Sandra Halliday

Published
Mar 22, 2019

Under-performing Finnish retail giant, the owner of the Lindex chain, said on Friday that its CEO Lauri Veijalainen has resigned “in order to assume a new position outside the company.” 

The retailer’s Chairman, Lauri Ratia, will act as Executive Chairman for the time being and current group management team member Tove Westermarck has been appointed as Stockmann Retail’s Chief Operating Officer as of Friday.

The board said that it would immediately start a process to search for a new CEO with Veijalainen set to leave the business as soon as March 31, although he “will be at the company’s disposal during his notice period.”

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Ratia said: “I would like to thank Lauri for his important contribution in carrying out Stockmann’s challenging change process.” And "challenging" is certainly not overstating the issue as the firm hasn't reported a yearly net profit since 2013.

The outgoing CEO added: “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. I would like to thank all my colleagues and customers and wish Stockmann success in the future.”

Veijalainen has been Stockmann’s CEO since 2016 and was previously CFO and Development Director for the company’s international operations having joined the firm in 2010.