Lundbeck's chairman, Per Wold-Olsen, will not be seeking re-election
Per Wold-Olsen, member and chairman of Lundbeck's Supervisory Board since 2007, has announced that he will not be seeking re-election at the company's annual general meeting to be held on 30 March 2011.
"During 2010, I have committed myself to additional board duties, private equity fund duties and other consulting assignments for research-based businesses. As a result, I have decided not to offer myself for re-election as chairman of Lundbeck's Supervisory Board because these duties could lead to an undesirable conflict of interest in the longer term," said Per Wold-Olsen. He continued: "We have come a long way in many areas since I joined the Supervisory Board in 2007. Every year, we have recorded growth in revenue and earnings. We have embarked on many strategic initiatives, offering us an opportunity to announce how we expect our revenue and earnings to develop during the period 2012-14. Consequently, I am confident with letting others take over my position as board member and chairman at this time." Lundbeck deeply regrets but also respects Per Wold-Olsen's decision not to seek re-election. Per Wold-Olsen has made a great contribution to the company's positive performance over the past four years, and he was pivotal in ensuring the company's stronger position. Lundbeck's present board member, Mats Pettersson, has agreed to offer himself as a candidate for the position as chairman if he is re-elected at the upcoming annual general meeting. New board candidates Due to potential future conflicts of interest, board member Egil Bodd, as is the case with Per Wold-Olsen, will not stand for re-election at the annual general meeting to be held on 30 March 2011. Instead, Lundbeck's Supervisory Board will recommend Christian Dyvig, the coming chief executive of the Lundbeck Foundation, and Håkan Björklund, CEO of Nycomed, as new board members at the annual general meeting. The Supervisory Board will propose re-election of Mats Pettersson, Thorleif Krarup, Jes Østergaard and Peter Kürstein. Lundbeck contacts Investors: Media: Palle Holm Olesen Mads Kronborg Chief Specialist, Investor Relations Media Relations Manager +45 36 43 24 26 +45 36 43 28 51 Magnus Thorstholm Jensen Stine Hove Marsling Investor Relations Officer External Communication Specialist +45 36 43 38 16 +45 36 43 28 33 Jacob Tolstrup Vice President +1 847 282 5713 About Lundbeck H. Lundbeck A/S (LUN.CO, LUN DC, HLUKY) is an international pharmaceutical company highly committed to improving the quality of life for people suffering from central nervous system (CNS) disorders. For this purpose, Lundbeck is engaged in the research, development, production, marketing and sale of pharmaceuticals across the world. The company's products are targeted at disorders such as depression and anxiety, schizophrenia, insomnia, epilepsy and Huntington's, Alzheimer's and Parkinson's diseases. Lundbeck was founded in 1915 by Hans Lundbeck in Copenhagen, Denmark. Today Lundbeck employs approximately 5,900 people worldwide. Lundbeck is one of the world's leading pharmaceutical companies working with CNS disorders. In 2010, the company's revenue was DKK 14.8 billion (approximately EUR 2.0 billion or USD 2.6 billion). For more information, please visit www.lundbeck.com. [HUG#1494891]