Ratos AB: Susanna Campbell steps down as CEO on 1 July
Regulatory Information 2016-06-13
This information is disclosed pursuant to the Swedish Securities Market Act, the Swedish Financial Instruments Trading Act or requirements stipulated in the listing agreement.
Susanna Campbell steps down as CEO of Ratos on 1 July and Lars Johansson, Investment Director, will assume the position as Acting CEO. The board of directors of Ratos has initiated this CEO change in order to fulfil Ratos's strategy and to increase shareholder value. The board of directors is of the opinion that Ratos at this stage needs a CEO with more operational experience, in addition to the many fine qualifications that Susanna Campbell possesses.
"In terms of financial results, Ratos has been underperforming for some time. The assessment of the board of directors is that going forward, in the face of increasing competition, broader operational business leader experience is needed as CEO", says Chairman of the Board Jonas Wiström.
Ratos's strategy, - to acquire, develop and with a flexible time horizon, create value in Nordic companies - remains unchanged. The unique culture of Ratos, which makes us attractive as a buyer of companies and cooperation partner for entrepreneurs, will be safeguarded and developed. The board of directors is of the opinion that Ratos has a strong foundation for positive development with many exciting portfolio companies. Going forward, Ratos will continue to be a role model when it comes to operating on the basis of strong values, working with structured work processes and bringing sustainability into focus.
Susanna Campbell will in accordance with her employment agreement receive a notice period of 6 months and 1.5 years' basic salary as severance pay starting 1 July 2016. The total cost will be declared in the next interim report.
Lars Johansson, who today is an Investment Director at Ratos, will assume the position as Acting CEO on 1 July. A search process to find a permanent CEO will be initiated immediately.
"Susanna Campbell has worked hard with the portfolio companies that she took over when she assumed the position of CEO. With great skill, successful divestitures have been made. Meanwhile, she has initiated and carried out exciting acquisitions. Susanna Campbell has been a strong and appreciated representative of Ratos and a bearer of Ratos's culture and values during her thirteen years in aggregate with the company, including four as CEO. The board of directors would like to express great gratitude to Susanna Campbell for her achievements and to wish her every success in her future career", Jonas Wiström concludes.
"I have had thirteen fantastic, eventful years at Ratos, including four as CEO. Now that Ratos is entering something of a new phase it feels natural for us to go our separate ways. It has been a pleasure and a privilege to work with all of Ratos's competent, driven people and with exciting companies that have grown stronger and bigger. I will follow Ratos's continued development with great interest, and for my own part, I feel excited about starting something new", resigning CEO Susanna Campbell concludes.
For questions, please contact:
Jonas Wiström, Chairman of the Board, 08-700 17 20
Elin Ljung, Head of Corporate Communications, 08-700 17 20
| Financial calendar from Ratos:|
Interim report January-June 2016
Interim report January-September 2016
19 August 2016
10 November 2016
Ratos owns and develops unlisted medium-sized Nordic companies. The company's goal as an active owner is to contribute to the long-term and sustainable business development of its companies and to conduct valuegenerating transactions. Ratos's portfolio comprises AH Industries, Aibel, airteam, ArcusGruppen, Biolin Scientific, Bisnode, DIAB, Euromaint, GS-Hydro, HENT, HL Display, Jøtul, KVD, Ledil, Mobile Climate Control, Nebula, Serena Properties, Speed Group and TFS. Ratos is listed on Nasdaq Stockholm and has a total of approximately 16,000 employees.