Lena Olving leaves Mycronic during 2019
Täby, 22 February, 2018 – Mycronic AB (publ), announces that Lena Olving, in accordance with the terms of her employment agreement of 2013,will leave as President and CEO during 2019. The agreement terms, which have been described in Mycronic’s annual reports, include an agreement of retirement at the age of 62 which comes into effect in December 2018.
The process to find a successor has begun.
"When I accepted the position as President and CEO, I decided to leave at the age of 62 and by announcing my decision in good time, we have good opportunities to find my successor. I will, of course, continue to work with unreduced strength until the succession is complete and I will do everything to make it as good as possible", says Lena Olving, and continues: "I am enormously proud to have led Mycronic during these years and of the results from our work. We have delivered strong profitability and good returns to shareholders, something the stock market has appreciated as market cap has increased from SEK 1 billion to about SEK 10 billion."
Mycronic has made a journey of major change. The Group turnover is three times higher, the number of employees has doubled and profitability is ten times higher than in 2013.
"It is very sad that Lena announced that she will leave in 2019 but the Board has full understanding of the decision. We are very grateful for the change that Lena implemented in the company. The out-standing results speak for themselves where 2017 was a new record year. We are also grateful that Lena announced her decision in good time and I know she will lead the organization with full force until her last working day”, says Patrik Tigerschiöld, Chairman of the Board.
The Board has extended the employment agreement with Lena Olving, which means that Lena will remain in office at the latest until May 15, 2019.
Contact person:
Patrik Tigerschiöld
Chairman of the Board
Tel: +46 8 614 00 20
patrik.tigerschiold@bure.com
About Mycronic AB
Mycronic AB is a Swedish high-tech company engaged in the development, manufacture and marketing of production equipment with high precision and flexibility requirements for the electronics industry. Mycronic headquarters are located in Täby, north of Stockholm and the Group has subsidiaries in China, France, Germany, Japan, Singapore, South Korea, the Netherlands, Taiwan, United Kingdom and the United States. For more information see our web site at: www.mycronic.com
Mycronic AB (publ) is listed on NASDAQ Stockholm, Mid Cap: MYCR.
Mycronic is required to disclose this type of information in accordance with the EU Market Abuse Regulation. The information was submitted for publication, through the contact person stated above, on 22 February, 2018, at 8.30 am.