Jon Sintorn new CEO of Nobia
After nine years as CEO of Nobia, one of Europe’s largest kitchen specialists with operations covering the entire value chain, Morten Falkenberg is stepping down from his position at the company. Morten Falkenberg, who is a Board member of the companies Velux Group and Fagerhult, will transition into new roles including industrial advisor for Nobia’s largest owner, Nordstjernan. Jon Sintorn, who most recently served as President and CEO of Permobil, will succeed Morten Falkenberg at the latest on September 1, 2019. Jon Sintorn has entered an agreement with Nordstjernan to acquire, today or over the next few days, 1.5 million call options at a market price of approximately SEK 7 million.
Over the past decade, Nobia has demonstrated a positive development with a strengthened balance sheet and an increasing operating margin, rising from about 2 percent to about 10 percent. Today, Nobia manufactures and sell kitchens in seven European countries through its own stores as well as through franchise stores and retailers.
“I am very pleased to have had the opportunity to lead Nobia for nearly a decade, with the improved results I have been able to achieve together with all of Nobia’s employees. Nobia is a stronger company today with better margins, a simplified structure and a business that is once again delivering annual dividends to its shareholders. It feels like the right time to step down,” says Nobias outgoing CEO Morten Falkenberg.
“Morten Falkenberg has successfully led Nobia. He has guided the company very well through the financial crisis, made several bolt-on acquisitions and simplified the company’s structure. Nobia is now able to better leverage its strong market position, the company’s economies of scale and its increasingly streamlined production. As the Chairman of the Board, I would like to express the gratitude we all feel for Morten’s valuable contribution as CEO,” says Hans Eckerström, Chairman of the Board of Nobia.
“I am very impressed by Nobia’s strong brand and the position the company holds throughout the value chain. Given my previous experience, I look forward with great enthusiasm and humility to the challenge of working with a company that delivers products and services to both companies and consumers. Together with the employees, I see great potential to develop the company by making use of new channels to the market and by continuing to improve the production structure and, not least, by capitalizing on the new opportunities that digitalization presents,” says incoming CEO Jon Sintorn.
“It is incredibly satisfying and stimulating that the Board of Directors has been able to recruit a top talent like Jon Sintorn to take over at Nobia. Jon Sintorn’s track record of value creation is impressive to say the least and, combined with his leadership capabilities, I am very confident that he is the right person to take the company to the next level and into the future,” says Hans Eckerström.
Today, Nobia publishes its interim report for the first quarter 2019. The report will be made public at 08.45 CET and, as previously communicated, a webcasted telephone conference will be held at 15.00 CET later today.
For further information
Hans Eckerström, Board Chairman
Kristoffer Ljungfelt, CFO
+46 (0)8 440 16 00
This information is information that Nobia is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person above, at 08.30 CET on 2 May 2019.
Nobia develops and sells kitchen solutions through a number of strong brands in Europe, including Magnet in the UK; HTH, Norema, Sigdal, Invita and Marbodal in Scandinavia; Petra and A la Carte in Finland; ewe, Intuo and FM in Austria as well as Bribus in the Netherlands. Nobia generates profitability by combining economies of scale with attractive kitchen offerings. The Group has approximately 6,300 employees and net sales of about SEK 13 billion. The share is listed on Nasdaq Stockholm under the ticker NOBI. Website: www.nobia.com