New Group structure and changes in business areas to increase responsibility for earnings, while ensuring Group synergie
New Group structure and changes in business areas to increase responsibility for earnings, while ensuring Group synergies On account of the altered Group structure and establishment of three wholly owned airlines for the SAS Consortium, the Board of Directors of SAS AB have decided to revise the structure and areas of responsibility within Group Management. A new function, Airline Strategy & Coordination has been created. This function will be responsible for the overall strategic development of the airline business as well as be responsible for ensuring synergies and coordination, among other tasks. To ensure a vigorous and distinct executive management of the airline business, the heads of the three new national airlines in Scandinavian Airlines in Denmark, Norway and Sweden will report directly to the President and CEO. This means that the position of Executive Vice President and Chief Operating Officer of Scandinavian Airlines will cease to exist. After these changes, Group Management will continue to consist of six persons. Jørgen Lindegaard, President and CEO. Five positions will report to the President and CEO: Gunnar Reitan, Deputy CEO, responsible for Subsidiary & Affiliated Airlines and Hotels Gunilla Berg, Executive Vice President and Chief Financial Officer Sören Belin, Executive Vice President, Airline Strategy & Coordination John S. Dueholm, Executive Vice President and responsible for Airline Support and Airline Related Businesses Bernhard Rikardsen, Executive Vice President and responsible for Corporate Administration & Support [REMOVED GRAPHICS] Together with the conversion of Scandinavian Airlines into independent subsidiaries, the changes mean the SAS is establishing a Group structure more in line with industry norms. No changes in the rest of the business structure takes place. For more information, please contact: Hans Ollongren, Senior Vice President Corporate Communications + 46 8 797 1950 Sture Stølen, VP, Head of SAS Group Investor Relations, + 46 8 797 1451 SAS GROUP INVESTOR RELATIONS ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/03/24/20040324BIT00160/wkr0001.doc Release med bilder http://www.waymaker.net/bitonline/2004/03/24/20040324BIT00160/wkr0002.pdf