hummel CEO steps down to pursue lifelong career dream

After seven remarkable years, Allan Vad Nielsen has made a personal decision to step down from his position as hummel Group CEO to pursue a lifelong ambition of spearheading his own business. He will continue as a member of the board and will also join the Thornico Advisory Board. Lars Stentebjerg, who is currently serving as hummel's COO, will step into the role of Group CEO.

hummel CEO steps down to pursue lifelong career dream

Since 2017, Allan Vad Nielsen has occupied the CEO position for the Danish sportswear brand hummel, but now it's time for the 48-year-old CEO to step down.

After an impressive growth journey, in which Allan Vad Nielsen has more than doubled the company’s turnover from 1 billion DKK to nearly 2.5 billion DKK, he has now chosen to step back to pursue a lifelong dream of being an entrepreneur. 

hummel owner and chairman Christian Stadil thanks Allan Vad Nielsen for his great commitment and many years of contribution to the company:

"Allan has done a fantastic job for hummel, and I would like to thank him for the good collaboration and camaraderie over the years. He has truly awakened the sleeping giant that we had otherwise become somewhat known as. He has created the foundation we stand on today with huge advancements in product and design, large sponsorships, increased brand awareness globally alongside a well-developed online business, more than a doubling of the turnover in record time, and the acquisitions of both HALO and Newline, which have seen rapid growth under his leadership. Since I met Allan for the first time seven years ago, he has never hidden his dream of being his own boss, and I have great respect for his decision. At the same time, I am super happy that Allan has agreed to continue as a member of hummel's board, just as we will also benefit from him in the Thornico Advisory Board," Christian Stadil shares while at the same time welcoming hummel's new Group CEO, Lars Stentebjerg:

"I have already had the pleasure of working with Lars in his role as global COO over the past years, where he has performed excellently in optimizing the entire business across supply chain, purchasing, product development, and IT. Together with the rest of our Executive Leadership Team, we have great confidence in Lars, and look forward to continuing the good collaboration." 
Allan Vad Nielsen joined hummel in August 2017 after more than 15 years at Bestseller, and he looks back on his time at hummel with great pride:

"For a while, I’ve had ideas and dreams about taking the next step in my career, and these are what I now wish to dedicate my time to exploring and pursuing. The last seven years at hummel have been both exhilarating and instructive, growing the company from 1 billion to nearly 2.5 billion DKK and securing the turnaround of several key market like Germany, Spain, and Turkey. We have delivered four top-line records and two bottom-line records in six years, and I am proud that we have created the platform and foundation to continue the growth journey in the coming years. I am happy to pass on the baton to Lars Stentebjerg, whom I have personally been involved in appointing and recommending, and who has performed exceptionally over the last couple of years," says Allan Vad Nielsen.

Lars Stentebjerg, who has previously held top positions at Ball Group, LEGO Group, and DK Company, is excited about the opportunity to drive hummel forward:  
“First of all, I am incredibly proud and grateful for the board's trust in appointing me to this role—a responsibility I undertake with profound humility. Allan has done a fantastic job and following this there will not be made any revolutionary changes. Going forward, we stand as a united management team focusing on driving hummel forward and continuing the growth journey that is already underway. Therefore, we also maintain our strategy towards 2028 in which it’s our ambition to hit a turnover of 4 billion DKK with a profit before tax of 300 million DKK," Lars Stentebjerg concludes. 

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