H&M Nomination Committee Proposes Klas Balkow as New Board Member
The nomination committee of H & M Hennes & Mauritz AB has finalized its recommendations for the upcoming annual general meeting (AGM) scheduled for May 7, 2025. In its latest proposal, the committee has suggested the election of Klas Balkow as a new member of the board of directors. Additionally, the nomination committee recommends the re-election of several incumbent board members, ensuring continuity in the leadership of the renowned fashion retail group.
The members proposed for re-election include Anders Dahlvig, Danica Kragic Jensfelt, Lena Patriksson Keller, Karl-Johan Persson, Helena Saxon, Christian Sievert, and Christina Synnergren. Furthermore, the committee has put forth a recommendation to re-elect Karl-Johan Persson as chair of the board. However, Stina Bergfors has announced her decision to step down and has declined to stand for re-election.
A Strategic Addition to the Board
Stefan Persson, chair of H&M’s nomination committee, expressed his enthusiasm about Klas Balkow’s potential contribution to the board, stating:
“I am very pleased that Klas Balkow has agreed to be proposed as a new board member at the H&M Group. Klas has many years of broad retail experience from a number of leading roles, including recently as CEO of grocery retailer Axfood and previously as CEO of Clas Ohlson, accumulating a total of 17 years as a CEO of listed companies. Klas also has extensive experience in board work. We see Klas’s knowledge as being a valuable asset to the board in our future work.”
Balkow’s extensive experience in retail management and leadership roles across major companies makes him a strategic addition to H&M’s board. His expertise in driving corporate growth, overseeing digital transformation initiatives, and navigating the complexities of the retail landscape is expected to be an asset as H&M continues to evolve in an increasingly competitive market.
Klas Balkow: A Proven Leader in Retail
Klas Balkow, born in 1965, brings a wealth of experience from his tenure as the CEO of Axfood, Clas Ohlson, and Aximage. His deep understanding of consumer behavior, supply chain management, and digital commerce makes him a valuable addition to H&M’s leadership structure.
His career trajectory includes senior leadership roles at Procter & Gamble in the Nordic region and the United States, as well as at Bredbandsbolaget. His academic background includes a Diploma in Engineering (Upper Secondary Level) and additional executive education from SSE Executive Education. Beyond his executive roles, Balkow has contributed to corporate governance through his board assignments, including his current position as a board member at Axel Johnson AB and his role in the Swedish Armed Forces’ oversight council.
As of the nomination, Balkow holds 4,000 shares in H&M, with no additional holdings reported under related parties. His appointment is expected to bring fresh perspectives and innovative thinking to H&M’s strategic decision-making processes.
Acknowledging Stina Bergfors’ Contributions
As Balkow prepares to join the board, Stina Bergfors will be stepping down after nine years of dedicated service. Reflecting on her contributions, Stefan Persson expressed gratitude:
“I would like to pass on my great thanks to Stina Bergfors for her dedicated, committed, and valuable work as a member of the board. Stina’s nine years as a member have meant a lot to the H&M group, as she has generously shared her knowledge, especially in areas such as tech and entrepreneurship.”
Bergfors played a significant role in guiding H&M’s digital transformation efforts, leveraging her expertise in technology and entrepreneurship. Her insights were instrumental in shaping the company’s strategies for navigating the digital retail environment and enhancing customer engagement through innovative technological solutions.
The Role of the Nomination Committee
The nomination committee of H&M is composed of key stakeholders representing major shareholders who collectively account for approximately 87 percent of the total votes in the company. The committee members include:
- Karl-Johan Persson (Chair of the Board, H&M)
- Stefan Persson (Ramsbury Invest)
- Lottie Tham
- Anders Oscarsson (AMF Tjänstepension & AMF Fonder)
- Joachim Spetz (Swedbank Robur Fonder)
The nomination committee is responsible for evaluating and proposing candidates for the board of directors to ensure strong leadership and governance. Their selection process considers a range of factors, including industry expertise, leadership experience, diversity, and alignment with the company’s strategic vision.
The committee’s full proposals will be presented in the official notice of H&M’s annual general meeting, which will be published in Post- och Inrikes Tidningar, Sweden’s official gazette for corporate disclosures.
H&M’s Strategic Vision and Future Outlook
The appointment of Klas Balkow comes at a crucial time for H&M as the company continues to adapt to shifting market dynamics. The retail industry is undergoing rapid transformations, driven by technological advancements, evolving consumer expectations, and increased competition from e-commerce giants.
Under the leadership of Karl-Johan Persson, H&M has been focused on expanding its digital presence, integrating sustainability initiatives, and optimizing supply chain efficiencies. The inclusion of Balkow is expected to support these initiatives, given his experience in leading digital transformation projects and fostering innovation in retail operations.
Moreover, Balkow’s background in the grocery retail sector through his tenure at Axfood provides valuable insights into inventory management, omnichannel strategies, and enhancing customer loyalty—key areas that align with H&M’s ongoing efforts to refine its business model.
The Broader Implications of the Board Changes
As companies navigate an increasingly complex retail landscape, the composition of their boards plays a pivotal role in shaping corporate strategy and decision-making. H&M’s commitment to appointing seasoned executives like Balkow underscores the company’s proactive approach to strengthening its leadership team.
The re-election of experienced board members ensures continuity in governance, while the addition of Balkow introduces fresh perspectives that could drive H&M’s strategic evolution. This balance of experience and innovation is essential for H&M to maintain its competitive edge in the global fashion retail industry.
With an annual turnover in the billions and operations spanning numerous international markets, H&M remains a major player in the fashion industry. The company’s ability to navigate economic fluctuations, supply chain challenges, and changing consumer preferences will be critical to its long-term success. The role of the board in steering these efforts cannot be overstated, making Balkow’s appointment a significant development.
The 2025 Annual General Meeting
The final decision on the proposed board composition will be made at H&M’s AGM on May 7, 2025. Shareholders will have the opportunity to review and vote on the nomination committee’s recommendations, ensuring a democratic and transparent governance process.
The AGM is expected to address several key agenda points, including:
- The election and re-election of board members
- Financial performance review and outlook
- Strategic initiatives for sustainability and digital transformation
- Shareholder proposals and corporate governance updates
As H&M moves forward, the expertise of its leadership team, the strategic direction set by the board, and its ability to adapt to evolving market conditions will be crucial in maintaining the company’s position as a global retail leader.
The nomination of Klas Balkow marks an important step in H&M’s ongoing efforts to strengthen its leadership team. With his extensive experience in retail management, digital transformation, and corporate governance, Balkow is well-positioned to contribute to H&M’s future growth.
As the company continues to adapt to the challenges and opportunities of the retail industry, the board’s role in shaping strategy and overseeing execution will be more important than ever. The upcoming AGM will provide a platform for shareholders to endorse these changes, ensuring that H&M remains at the forefront of the global fashion retail market.
