VARNAMO, Sweden, Feb. 21, 2002 (PRIMEZONE) -- Sten Thunberg, President and Chief Executive Officer of Finnveden, reaches pensionable age of 60 during 2002 and in conjunction with the Annual General Meeting in 2002 will resign his position. Sten Thunberg will remain as an advisor to Finnveden's Board of Directors and management through June 30, 2003. Sten Thunberg has been President and CEO of Finnveden since 1991.
As his successor, the Board has appointed Tommy Boork, 45, who will assume his position in conjunction with the Annual General Meeting this spring. Tommy Boork has been head of Finnveden's business area Sheet Metal Components since 1999. Prior to this, he served in various executive positions within Volvo Penta.
Finnveden's Board Chairman, Jan-Erik Forsgren, has notified the Board that for personal reasons he will deny re-election in conjunction with the Annual General Meeting this spring. Sten Thunberg has also denied re- election.
The Nominating Committee, whose task prior to the Annual General Meeting is to submit a proposal for the composition of Finnveden's Board, has decided to propose to the Meeting the re-election of Anders Holmberg, Hans Johansson, Carl-Gerhard Sjolander, Per-Olof Snell and Kersti Thorn. In addition, the Nominating Committee proposes the new election of Kurt Jofs and Tommy Boork. The Nominating Committee comprises Carl-Gerhard Sjolander, Board Chairman of Sparta Holding, Gunnar Ek, Swedish Share Savers' Association, and Mats Guldbrand, AMF Pension.
The proposal of the Nominating Committee is supported by shareholders representing about 35 percent of the voting rights for all shares in Finnveden.
The Board intends after the Annual General Meeting to elect Kurt Jofs, 43, as new Board Chairman. Kurt Jofs is Board Chairman of Flygbussarna Airport Coaches AB and a member of the Boards of Esselte AB, Enea Data AB and Atea AB. Previously, he served as President of AB Segerstrom&Svensson.
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