HELSINKI, Finland - The CEO of Finnish department store and fashion chain Stockmann, Hannu Penttila, will step down from his duties on Tuesday, the company said.

Stockmann had earlier said Penttila would retire at the end of the year and that it is seeking a new head. Before the new CEO is appointed, Stockmann Chairman Kaj-Gustav Bergh will act as a temporary CEO.

Stockmann also said a strategy review was proceeding as planned.