(Corrects to read 'current' (not 'former'), in paragraph 2)

STOCKHOLM (Reuters) -Swedish fashion retailer H&M said on Wednesday its nomination committee proposes Helena Saxon as a new board member.

H&M said in a statement that Saxon, current chief financial officer at Swedish investment group Investor AB and a board member of bank SEB, would replace Skype founder Niklas Zennstrom who declined re-election.