CEO ARI JOKELAINEN RESIGNS FROM EXEL. GÖRAN JÖNSSON APPOINTED INTERIM PRESIDENT AND CEO.

EXEL OYJ STOCK EXCHANGE RELEASE 23.10.2006 at 16.00 1 (1)

CEO ARI JOKELAINEN RESIGNS FROM EXEL. GÖRAN JÖNSSON APPOINTED INTERIM PRESIDENT AND CEO.

The Board of Exel has appointed Mr. Göran Jönsson as interim President and CEO of Exel. Göran Jönsson succeeds Mr. Ari Jokelainen, who has been the President and CEO of Exel since 1990.

Göran Jönsson has held senior management positions in the chemicals and coatings industries, most recently within Nobel Industries and AkzoNobel, where he was General Manager for industrial coatings with annual sales of some EUR 500 million.

“I am confident that his long-term experience of managing international businesses makes Göran Jönsson the right person to further develop Exel from the industrial and global perspectives. He will provide valuable support to the integration and further growth of the industrial activities, and finalize the restructuring measures needed to restore profitability. As part of his assignment, Göran Jönsson will work together with the Board of Exel in appointing a long-term successor for the position as CEO,” says Mr. Ove Mattsson, Chairman of the Board.

During its eight years as a listed company, Exel’s sales have tripled and the Company is now entering a new development phase. The Board of Exel and Ari Jokelainen have agreed that Jokelainen will resign from his duties as President of Exel Oyj. Ari Jokelainen will continue to serve the company as CEO until Göran Jönsson assumes his new position 20 November 2006. Ari Jokelainen will take up a new position in January 2007 as partner at Sponsor Capital Oy in January 2007.

“Under Ari Jokelainen’s management, Exel has established itself as a leading pultrusion company. We have agreed that this is a well-chosen time for a change of President to take Exel into the next development phase, with increased internationalization and focus on the industrial activities,” says Ove Mattsson. “The Board extends its thanks to Ari Jokelainen for his excellent efforts throughout his 16 years as CEO.”

Göran Jönsson was born in 1947 and holds a Master of Science in Economy degree from the University of Lund, Sweden. Göran Jönsson will take over as CEO on 20 November 2006. “I am looking forward to this assignment. Exel is a strong company with skilled personnel, very interesting product range and exciting growth opportunities”, says Göran Jönsson.

Vantaa, 23 October 2006

EXEL OYJ
Board of Directors


For further information, please contact:

Ari Jokelainen, President & CEO of Exel (until 20 November 2006), tel. +358 50 590 6750
Ove Mattsson, Chairman of the Board of Exel Oyj, tel. +46 733 727 280 or +46 8 788 5080 (secretary)
Göran Jönsson, President & CEO of Exel (to assume position on 20 November 2006), tel. +46 708 43 0110


Exel Oyj is a leading, international Group specialized in composite technology, with a special focus on pultrusion, pull-winding and continuous lamination. The Group’s operations include design, manufacturing and marketing of advanced composite products for industrial applications and consumer goods. Exel’s most well-known products include cross-country, alpine and Nordic walking poles, antenna radomes and other industrial applications.