Management incentive program in Intrum and upcoming change of CFO
In order to further align the interests of the CEO Mikael Ericson and Intrum’s shareholders, the Board of Directors of Intrum has resolved to approve participation in a management stock incentive program facilitated by Nordic Capital Fund VIII, currently the largest shareholder in Intrum Justitia AB (publ).
The program entails that the CEO will own shares via a limited liability company where Nordic Capital contributes market-priced funding. Mikael Ericson will build up a significant long-term shareholding of up to SEK 18 million, including an own contribution of approximately SEK 4 million. Furthermore, the CIO Anders Engdahl will also participate on similar terms as Mikael Ericson.
“We have just begun a journey of building the largest and most professional player in the CMS industry, with strong prospects for creating value for clients, employees and shareholders. It is very important for me as the CEO, and the management, to have a strong alignment with the shareholders and exposure to the share price,” says Mikael Ericson, CEO & President of Intrum.
“The Board of Directors is pleased to approve this step of Intrum’s management incentive arrangements to ensure the alignment of management and shareholder interests. We see strong potential for further value creation as a consequence of the merger, our new strategy and our enhanced service offering as the leading provider of credit management services. Committed and motivated management is important for realizing this value creation. Therefore, the Board is also committed to further developing the current incentive program for other senior managers, which we intend to present to the Annual General Meeting next year,” says Per E. Larsson, Chairman of the Board.
The incentive program for Mikael Ericson and Anders Engdahl does not imply any dilution for Intrum’s shareholders, nor any additional costs for Intrum.
Intrum´s CFO, Erik Forsberg, will not participate in the incentive program, since he has informed of his intention to leave Intrum during 2018. The timetable for his departure as CFO will be decided shortly. However, Erik Forsberg has accepted to remain in an advisory role during 2018 to ensure continuity.
“Erik Forsberg has been Intrum´s CFO for more than six years and he has now decided to leave. During a few years of considerable change for Intrum, Erik has played a vital role in our company and he has been instrumental in building Intrum´s strong financial position and our solid finance function. I am pleased that Erik has accepted to continue as an advisor to the company during 2018 and will participate in the onboarding of a new CFO”, says Mikael Ericson.
For further information, please contact:
Per E. Larsson, Chairman of the Board
Tel: +46 8 546 102 02
Mikael Ericson, CEO & President
Tel: +46 8 546 102 02
Intrum is the industry-leading provider of Credit Management Services with a presence in 24 markets in Europe. Intrum helps companies prosper by offering solutions designed to improve cash flows and long-term profitability and by caring for their customers. To ensure that individuals and companies get the support they need to become free from debt is one important part of the company’s mission. Intrum has more than 8,000 dedicated and empathetic professionals who serve more than 100,000 companies across Europe. In the 12 months ending September 2017, pro-forma revenues amounted to SEK 12.1 billion. Intrum is headquartered in Stockholm, Sweden and the Intrum share is listed on the Nasdaq Stockholm exchange. For further information, please visit www.intrum.com.