Changes in Cloetta Fazer’s Board
The independent board members of Cloetta Fazer AB Mr. Lennart Bylock and Mr. Wilhelm Lüning have been given an assignment by the two major owners of the company, Oy Karl Fazer Ab and AB Malfors Promotor, to suggest alternative solutions to their long term divergence regarding ownership in Cloetta Fazer.
During the period when working with this assignment on behalf of the two major owners, Mr. Bylock and Mr. Lüning wish to be autonomous in relation to the company and remaining owners and have decided, in agreement with the two major owners, to leave the board with immediate effect.
The intention is that Mr. Bylock and Mr. Lüning should deliver a suggestion to be presented for the major owners before the Annual General Meeting, 23 April 2008. Mr. Bylock and Mr. Lüning will not be replaced during the relatively short time remaining until the annual meeting, which has to reconsider the future constitution of the board.
Even after the resignation of Mr. Bylock and Mr. Lüning, the constitution of the board will comply with the rules of the Swedish Code of Corporate Governance in regards to the number of independent board members.
On top of the board assignment, Mr. Lennart Bylock has an assignment as chairman of the nomination committee. Mr. Bylock will remain in this position following the resignation from the Cloetta Fazer board. Mr. Bylock and Mr. Lüning have together with the chairman been members of the remuneration committee. The board has decided to let the full board fulfil the obligations of the remuneration committee ahead of the annual general meeting 2008.
Mr. Lennart Bylock has been a member of the Cloetta Fazer board since 2006. He was also a member of the board between 1994 and 2002. Mr. Bylock has a long standing experience as CEO and chairman for several listed and non-listed Swedish companies.
Mr. Wilhelm Lüning has been a member of the Cloetta Fazer board since 2003. He is a lawyer specialised in corporate and stock exchange legislation. Mr Lüning is a partner in the law firm Cederquist.
This information is such that under the Capital Markets Act Cloetta Fazer is obligated to publish it. The information was submitted for publication on 24 January 2008 at 4.15 p.m.