In May 2018, when Canadian Tire Corporation (CTC) acquired Helly Hansen, its CEO, Paul Stoneham, committed to lead the brand for another three years. Stoneham had been appointed CEO by Helly Hansen’s former controlling shareholder, the Ontario Teachers’ Pension Plan, in early 2015 to set the company on a new course. With the company’s transformation now complete and a new growth plan for 2025 in place, Stoneham will formally step down from his role after six years at the helm of the Norwegian outdoor and sailing apparel brand once a new CEO is appointed and after a handover period. At this point, no candidate has been named for the position.
Under Stoneham’s leadership, and with the help of CTC’s store network, Helly Hansen’s revenues doubled. Despite a Covid-19-triggered decline of 2 percent in the past year, down to 541.9 million Canadian dollars (€360.6m-$404.1m), the company ended 2020 with a record quarter in terms of sales, thanks in part to a growing DTC business. Stoneham said the company’s “future growth prospects remain strong with focused category, geographic and channel expansion underway.”