New President and CEO at MoDo

New President and CEO at MoDo Per Ericson, current President of Sandvik Steel The Board of Mo och Domsjö AB has appointed Per Ericson to be the Group's new President and CEO. Ericson, who is 53 years old, is a graduate engineer and has also a Bachelor of Arts degree. He has been employed by Sandvik, the Swedish special steel and engineering group, for the past 25 years. Per Ericson became President in 1997 of Sandvik Steel, a company with a turnover in 1998 of some 10 billion kronor and some 7,000 employees. Per Ericson will succeed the present President and CEO of MoDo, Bengt Pettersson, who in June expressed his wish to retire. However, Bengt Pettersson will be nominated for re-election to the Board of MoDo. Per Ericson is expected to take up his new position at MoDo's Annual General rd Meeting on March 23 2000. Fredrik Lundberg, Chairman of MoDo, says: "Per Ericsson has first class industrial and international experience, which will be of great value to MoDo. As many questions in the steel industry are similar to those in the forest products industry, the Board finds no problems with this change of industry. On the contrary, it could inject new ways of thinking and impulses into MoDo's business. We are very pleased that Per Ericson is to join the MoDo Group as President and CEO." Questions should be addressed to Fredrik Lundberg, Chairman of MoDo (telephone: +46 8 463 06 00). ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/10/15/19991015BIT00080/bit0001.doc