H&M Names Next Chief Executive

Stockholm, Sweden Hennes & Maritz said Wednesday that the 33-year-old son of the company's majority owner and grandson of the founder will take over as chief executive in July. Karl-Johan Persson, the grandson of Erling Persson, who founded H&M in 1947, will succeed Rolf Eriksen, who is retiring this year, as previously announced.

Persson, who has worked for H&M in an operational role since 2005, has been a member of the board since 2006 and currently heads the company's expansion and business-development segment.

The Sweden-based fast-fashion company is the world's third-largest fashion retail chain by sales after Gap Inc. and Spain's Inditex, operators of Zara.

H&M plans to open 225 stores this year.