STOCKHOLM, Sweden, Sept. 1, 2004 (PRIMEZONE) -- Sveaskog's President, Lars Skold, is leaving his position having been dismissed by the Board. At the same time, he is resigning from the Board of partly owned Setra Group AB. Gunnar Olofsson has been appointed as Acting President of Sveaskog. Olofsson is currently Director of Forestry within the company, a position he will con-tinue to hold for the time being.
The Board's decision is based on differences of opinion between the Board and Lars Skold regarding the company's strategies.
According to his employment contract, Lars Skold is entitled to receive salary during a 12-month notice period and to severance pay corresponding to 12 monthly sala-ries. If salary or other remuneration is received during the compensation period, a deduction of such compensation will be made. If no deduction is made, the total cost to the company will amount to SEK 7,510,000, including pension costs.
For additional information, please contact the Chairman of the Board, Bo Dockered, telephone +46 8 655 90 00
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