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, a former 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.

(Reporting by Anna Ringstrom, editing by Essi Lehto and Louise Rasmussen)