CEO Transition in Swedish Match During 2008.STOCKHOLM, Sweden -- Sven Hindrikes, 57, has today advised the Board of Directors that he wishes to retire as President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. 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 See Chief Financial Officer. and CEO. During his tenure the share price has increased almost six-fold supported by a Group sales increase from 8,194 MSEK MSEK Meyer, Suozzi, English & Klein (New York law firm) MSEK Million Swedish Kroner to 12,551 MSEK, operating profit increase from 1,381 MSEK to 2,997 MSEK and EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. improvement from 1.56 SEK SEK In currencies, this is the abbreviation for the Swedish Krona. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 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 Mobile +46 (0)70 521 19 18 Swedish Match is a global Group of companies with a broad assortment of market-leading brands in smokeless tobacco products, cigars, pipe tobacco and lights products. The Group's global operations generated sales of 12,551 MSEK for the twelve month period ending December, 2007. Swedish Match shares are listed on OMX OMX Office Max (stock symbol) Nordic Exchange in Stockholm (SWMA SWMA Software Maintenance SWMA Solid Waste Management Act SWMA Sine-Weighted Moving Average SWMA Storm Water Management Authority, Inc. (Homewood, AL) SWMA Segmental Wall Motion Abnormality (cardiology) ). Swedish Match AB (publ), SE-118 85 Stockholm Visiting address: Rosenlundsgatan 36, Telephone: +46 8 658 02 00 Corporate Identity Number: 556015-0756 www.swedishmatch.com The character of the information is such that it shall be disclosed by Swedish Match AB (publ) in accordance with the Swedish Securities Markets Act. The information was disclosed to the media on 20 February, 2008 at 08.15 a.m (CET CET abbr. Central European Time CET Central European Time CET n abbr (= Central European Time) → hora de Europa central CET abbr ). |
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