Erik Gumabon to leave Hemtex

The Board of Hemtex has reached an agreement with Erik Gumabon that he will leave is position as President of Hemtex. Peder Larsson, formerly President of ICA Sweden and recently appointed acting president of Cervera, has been appointed as acting president of Hemtex until a permanent president is recruited.

Under the leadership of Erik Gumabon, Hemtex has undergone major, and for the company, essential changes. An extensive program of readjustment has taken place where foreign operations have been closed down, a new supply chain system within stocks and logistics has gone into operation, a cost-cutting program has been initiated and extensive changes have been implemented within store structure and central functions. Work still remains to be done relating to the daily operation of the business, the product range and customer offering. The Board of Hemtex has made the assessment that the company requires new expertise in order to take the next step in the turnaround of Hemtex.

“The change of president in Hemtex does not represent any change in the company’s strategy or business plan. The plans the Board has drawn up together with management remain in place,” comments Stein-Petter Ski, Chairman of the Board of Hemtex.  “Our assessment is that the next phase in this change program requires a new expertise and leader profile,” he continues.

According to his employment contract, Erik Gumabon has a notice period of 12 months during which he is entitled to his present salary and benefits. No severance pay will be paid.

For further information, please contact:

Stein-Petter Ski, Chairman of Hemtex Board

Ulf Segerström, CFO Hemtex

Manuel Ferrer, Presschef: +46 70 666 02 59

This press release contains information that Hemtex is obliged to disclose in accordance with the Financial Instruments Trading Act (1991:980) and/or the Securities Markets Act (2007:528). This information was released for publication at 07.00 CET on May 3, 2011.