Paul Stoneham is to step down as CEO of Norwegian outdoor clothing brand Helly Hansen at the end of the year. 

Stoneham, who has led the company for the last six years, will remain in his role until a new chief executive is appointed and a handover period has occurred.

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Stoneham was appointed CEO in early 2015 by previous Helly Hansen owner Ontario Teachers’ Pension Plan, to set the business on a new trajectory. Under his leadership, a new growth strategy was developed that led to the company’s most prosperous phase in its history.

In May 2018, Stoneham led the sale of the business to Canadian Tire Corporation, Limited (CTC). At the time of the acquisition, he committed to lead Helly Hansen for three years to finish the business transformation, integrating the company into CTC and establishing a new 2025 growth plan. 

Under his leadership, Helly Hansen has more than doubled its revenue to NOK4.3bn (US$513.96m) between 2014 and 2019, delivering 16% annual growth over the five-year period. 

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“It has been a privilege to lead such a great team and business over the last six years. Despite significant market change, the Helly Hansen team has delivered strong long-term growth fuelled 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 says.

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Greg Hicks, president and CEO, Canadian Tire Corporation, adds: “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. The brand’s resilience and positioning for the future is a testament to the leadership provided by Paul and his team.”