Swedish fashion giant H&M has promoted Jyrki Tervonen to chief financing officer.

Tervonen replaces Leif Persson with effect from November. Tervonen has been with H&M since 1997 and was most recently country manager for Finland, Poland, the Czech Republic, Slovakia and Hungary.

Persson will continue on the executive team at H&M and work with the retailer on strategic matters.

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