STOCKHOLM, Sweden, Sept. 18, 2002 (PRIMEZONE) -- Magnus Larsson has today resigned from his position as Managing Director of Frango. To replace him, Frango's Board of Directors has appointed Tom Lofstedt as the company's acting MD, who thus resumes a fully operative role in the company.
Magnus Larsson took up his position as Frango's MD in April 2001, and has since his appointment led Frango through an extensive reorganisation, a process that has now been completed. Commenting on his decision, Magnus Larsson said: "Frango is now a scalable organisation that is well prepared to pursue a policy of continued profitable growth. I have decided to resign for personal reasons."
"Frango has been through a difficult period, during which Magnus has achieved a great deal. I regret that he has come to this conclusion, but at the same time respect his decision," said Roland Nilsson, chairman of Frango's Board of Directors. Tom Lofstedt will take up the position of Managing Director until further notice.
For further details, please contact:
Roland Nilsson, Chairman of the Board, tel. +46 (0)8 555 775 00, Tom Lofstedt, Managing Director, tel.: +46 (0)8 555 775 00
Frango in brief
Frango is a leading software company that specialises in the field of corporate financial control for organisations and groups. The company develops and supplies software and services through its international network of subsidiaries and distributors. Frango is headquartered in Stockholm. The Frango share is quoted on the 'O' list of the Stockholm Stock Exchange (Stockholmsborsen).
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