Matalan CEO Henrik Nordvall steps down after six months
Matalan’s chief executive Henrik Nordvall has stepped down “by mutual agreement with the board” just six months after joining the business.
The fashion and home retailer has also announced that Karl-Heinz Holland has been appointed as a executive chair on a permanent basis.
Subscribe to TRBNordvall joined Matalan in February after 17 years at H&M where he held a variety of senior roles before becoming chief executive of the UK and Ireland in 2022.
Speaking of his departure from Matalan, he told Drapers: “During my time at Matalan, I experienced a company with genuine ambition and the capability to achieve its goals, driven by a highly talented leadership team and colleagues across the business.
“With a clear direction in place for Matalan’s future growth, I look forward to watching the company’s continued success. I want to sincerely thank Karl-Heinz for the opportunity, and I wish him, the executive team and the entire organisation all the best moving forward.”
Holland said: “Henrik has made a significant contribution during his time with Matalan, helping to shape the next phase of the business at the same time as delivering strong results in both revenue and EBITDA.
“On behalf of the board, I would like to thank him for everything he has done and wish him every success for the future.”
Holland has been chair of Matalan since 2023 and has been executive chair once before from October 2024 until February 2026. He is a former chief executive of Lidl Group where he worked for over 20 years until 2014.
In June, Matalan announced that it had narrowed its pre-tax loss in the year to 28 February to £55 million from £67 million in the previous 12 months. It also increased EBITDA by 24% to £69 million following higher sales volumes and improved margin rates.
This week, the company said there had been a 45% rise in adjusted EBITDA to £14.9 million in the financial year to date.
