Swedish retailer Coop Sverige has appointed the CFO of rival ICA Gruppen, Sonat Burman-Olsson, as chief executive officer.
Burman-Olsson will take the helm at Coop “no later” than 21 May, but her departure from ICA will have immediate effect.
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Anders Sundström, chairman of Coop parent group KF, said that Burman-Olsson’s experience meant she is well-placed to lead the Coop’s turnaround and improve profitability. The cooperative group has already made a number of strides to improve profitability – including establishing a new board and streamlining operations.
ICA said although Burman-Olsson would stand down immediately, she will be available to ICA during her six-month notice period. “An acting CFO will be appointed shortly,” the group added.
