Bayn Group appoints new CEO with effect from January 1, 2021
The Board of Directors of Bayn Group AB (publ) (“Bayn Group”) has decided to appoint Simon Petrén as the new CEO of Bayn Group. Simon will take up the new position on January 1, 2021. Simon is a co-founder and former CEO of Pändy Foods AB and since Bayn Group's acquisition of Pändy Foods AB, he has been Deputy CEO with responsibility for the Bayn Group's M&A, IR and financing. The reason for the changes in the management team is Bayn Group's rapid development and continued high focus on M&A, operations and growth. Bayn Group's current CEO, Patrik Edström, has solid industrial experience and will continue the important work as Bayn Group's Chief Operating Officer (COO) and CEO of the fast-growing Nordic subsidiaries.
Simon Petrén is one of the founders and former CEO of Pändy Foods AB, which was acquired by Bayn Group at the beginning of the year. He has a background as a BI analyst, entrepreneur and investor and sits on the board of two other foodtech companies. Since the acquisition, Simon has been Bayn Group's Deputy CEO with primary responsibility for M&A, IR and financing. Simon holds an M.Sc. from KTH in mechanical engineering, Product Innovation Management and studies in business administration at Stockholm University.
“We on the Board see it as a natural step for Simon to take over as CEO at the current development that Bayn Group, with strong growth and a clear acquisition strategy. He is a competent, driven and talented entrepreneur with a high pace and commitment. During the past year, he has shown great ability to deliver in his focus areas and the shift is also part of Bayn Group's succession planning. Together with the board, I would like to thank Patrik Edström for his important contributions to the company during his years as CEO. It feels very reassuring that he will continue as Chief Operating Officer of the Bayn Group and ensure that we get the most out of the companies already acquired. Now we are ready for continued high growth and the journey has just begun.” - Peter Werme, Chairman of the Board of Bayn Group AB
“It feels incredibly exciting and an honor to take over the leadership and continue the journey of Bayn Group. Patrik and I have developed an effective dynamic in our joint work with how we build the Bayn Group to get the most out of our growth strategy. We see good opportunities for additional acquisitions in the near future and with the new structure we hope to be able to increase the pace further and at the same time take advantage of synergy effects and increase the leverage on our structural technology platform. ” - Simon Petrén, Deputy CEO of Bayn Group AB
“Simon and I have in a short time built a relationship that has enabled the high rate of acquisition that we have had during the year. Through the new organization, I will be able to focus and put additional efforts into building the operational units. We have also reviewed our succession planning and concluded that Simon is the right person to take Bayn Group to the next level. The group has grown from being only one operational entity to five different entrepreneurial units that will function as an industrial group; it places high demand on the management's focus to effectively capitalize on the many opportunities that arise when we expand the group.” - Patrik Edström, CEO of Bayn Group AB
Bayn Group has had high growth during the first half of 2020 with an increase in sales of approximately 1441 % pro-forma for Q2 2020. The business has been developed with several new business areas through the various acquisitions of Pändy Foods AB, Tweek AB, Koppers Candy Sweden AB and Amerpharma. Since the acquisition of Pändy Foods AB, the company has had a pronounced acquisition strategy to be able to grow faster and become a leading player in sugar-reduced foods.
Simon will take up the new position on January 1, 2021, and Patrik Edström will continue as CEO until then. Simon is the company's third largest shareholder and owns 5,975,000 shares in Bayn Group through his holding company.
For further information, please contact:
Peter Werme, Chairman of the Board Bayn Group AB (publ)
Tel: +46706267899
Email: peter.werme@fefonden.se
This information is such information that Bayn Group AB is required to disclose in accordance with the EU Market Abuse Regulation. The information was submitted for publication on 13th of November 2020 at 13.00 CET.
Bayn Group is an independent supplier of cutting edge and healthy sugar reduction solutions for the food and beverage industry. Bayn’s plant-based ingredient solutions, refined through scientific research and extensive market experience, facilitate new healthier formulations and recipes focused on taste and texture to help food and beverage companies around the world reduce sugar and calories in their products. For more information www.bayneurope.com
Bayn is listed on Nasdaq Stockholm, First North Growth Market, under the ticker BAYN
FNCA Sweden AB is Bayn’s certified adviser. Tel: 08-528 00 399 E-mail: info@fnca.se.