Helly Hansen CEO to step down

By

Sandra Halliday

Published
Apr 21, 2021

Norwegian outdoor brand Helly Hansen said on Wednesday that its CEO Paul Stoneham is to step down after six years in the role. He’s staying on until a new chief executive is appointed and a handover period has happened.

Stoneham took up the role originally under the brand’s previous owner, Ontario Teachers’ Pension Plan, with a goal of setting the business on a new trajectory. He oversaw a new growth strategy “that placed the Outdoor Professional at the heart of the business and led to the company’s most prosperous phase in its history”.

He also led the company’s sale to Canadian Tire Corporation in May 2018 and committed to staying at the helm for three years “to finish the business transformation, integrating the company into CTC and establishing a new 2025 growth plan”.

The company is clearly happy with what he’s done at the almost 150-year-old brand. It said that under his leadership, Helly Hansen — which specialises in technical sailing clothing and performance ski apparel, as well as premium workwear — more than doubled its revenue to NOK4.3 billion (€428m/£369m/$514m) between 2014 and 2019. It delivered 16% annual growth over the five-year period. And the company even managed to deliver “an all-time record revenue quarter for the business” last year, despite the pandemic.

Stoneham said the firm’s “future growth prospects remain strong with focused category, geographic and channel expansion underway”. 

“With the integration complete and a strong management team in place, Helly Hansen is well-positioned to continue delivering long-term growth,” said Greg Hicks, President and CEO, Canadian Tire Corporation. “The brand’s resilience and positioning for the future is a testament to the leadership provided by Paul and his team. On behalf of CTC, I would like to thank Paul for his many contributions.”