CEO transition in Swedish Match during 2008
Sven Hindrikes, 57, has today advised the Board of Directors that he wishes to retire as President and CEO of Swedish Match AB during the course of 2008. The Board accepts his decision with regret and will now initiate a search process for his successor. Sven Hindrikes remains in his position until a new President and CEO has been appointed and will be available to support the transition process.
“After ten years in Swedish Match, whereof the last four years as the CEO, I have decided that it’s the right time for me to step down from my position during 2008”, says Sven Hindrikes. The company is in good shape and Swedish Match has now a strong platform for continued development in growth and profitability, which we demonstrated today in the 2007 earnings report”, concludes Sven Hindrikes.
Conny Karlsson, Chairman of the Board of Directors in Swedish Match AB says in a comment that, “I regret Sven’s decision to step down as CEO. The Board of Directors however accepts Sven’s decision and will now initiate a search process for a new CEO. Following this situation, the Board has agreed with Sven Hindrikes that he will remain in his position until a new President and CEO has been appointed. Thereafter, Sven will be available for the company to support the introduction and transition of a new CEO. As a consequence of this agreement, Sven Hindrikes will receive a stay bonus corresponding to 18 months base salary. Sven continues to have the full support from the Board”, continues Conny Karlsson.
“Sven’s contribution to Swedish Match has been tremendous over his ten years as CFO and CEO. During his tenure the share price has increased almost six-fold supported by a Group sales increase from 8,194 MSEK to 12,551 MSEK, operating profit increase from 1,381 MSEK to 2,997 MSEK and EPS improvement from 1.56 SEK in 1998 to 7.82 SEK in 2007. Personally, I have very much enjoyed working with Sven”, concludes Conny Karlsson.
The Board of Directors of Swedish Match AB
Conny Karlsson, Chairman of the Board
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