Helly Hansen in need of new CEO after Paul Stoneham’s departure
Stoneham, who guided the Norwegian brand through its 2018 acquisition by Canadian Tire, is leaving the company after six years.
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Helly Hansen CEO Paul Stoneham, who led the outdoor brand through its 2018 acquisition by Canadian Tire Corporation (CTC), is stepping down after six years in the position. Stoneham will remain in the role until the company appoints a replacement, and will remain active in the business to help groom his successor, according to a company release.
“It has been a privilege to lead such a great team and business over the last six years,” Stoneham said. “Despite significant market change, the Helly Hansen team has delivered strong long-term growth fueled by a strategy that places the outdoor professional at the heart of the business. Helly Hansen’s future growth prospects remain strong with focused category, geographic, and channel expansion underway.”
Stoneham is leaving the Norwegian brand in good shape. In the fourth quarter of 2020, CTC reported that Helly Hansen’s revenue was $196.1 million, up 11.4 percent (or 12.1 percent on a constant currency basis) from the same quarter a year ago. Canadian Tire President and CEO Greg Hicks said he was pleased with Helly Hansen’s performance in Q4 amid global restrictions and closures.
But even more than leading the company during Covid, Stoneham will be remembered for shepherding the brand when Ontario Teachers’ Pension Plan sold it to Canadian Tire Corporation for $771 million three years ago. At the time of the deal, Stoneham, a Canadian, said he was “particularly proud to say that Canadian Tire is the new home for Helly Hansen.”
Now, the brand and parent company will look to build on Stoneham’s legacy by tapping a new CEO.
“With the Helly Hansen-CTC integration complete and a strong management team in place, Helly Hansen is well positioned to continue delivering long-term growth,” Hicks said. “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—including growing and taking CTC global—and wish him continued success in his future endeavors.”
