EFORE PLC Stock Exchange Release November 21, 2018 at 4.03 a.m.
Vesa Leino appointed President and CEO of Efore Plc and Olli Mustonen appointed CFO beginning January 1, 2019
Vesa Leino, M.Sc. (Econ.), (born 1969), who has served as the Group CFO from summer 2017, has been appointed Efore Plc President and CEO beginning January 1, 2019. At the same time, the current Group Controller Olli Mustonen, M.Sc. (Econ.), (born 1985), has been appointed Efore CFO and member of the Management Team beginning January 1, 2019.
Leino has worked as CFO of Microsoft mobile phone business from 2014 to 2017 and in different manager positions in Nokia financial management, product development and product management between 1994 and 2014.
Mustonen has served as a Treasury Director of Raisio Group in 2017–2018 and as Finance Director of Raisio Brands division from 2014 to 2017.
Jorma Wiitakorpi, who has worked as Efore Plc President and CEO from 2016, will continue as Efore Group Business Development Director until June 30, 2019. His main responsibilities will be the implementation of the planned restructuring of the Telecommunications business and activities related to Efore Group cost-efficiency improvements. Wiitakorpi will continue as a member of Efore Group Management Team.
“Under Jorma Wiitakorpi’s leadership, Efore has in recent years built a new strategic direction and improved its operational efficiency. Earlier today, we released information on Efore’s updated strategy and the related acquisition of Powernet International Oy, which is a tangible example of our strategy implementation. Therefore, this is a natural time for a change of CEO and President. Vesa Leino has worked together with Jorma Wiitakorpi in building Efore’s new strategic direction during the last year and a half, which ensures the natural continuation of the ongoing structural change,” says Tuomo Lähdesmäki, Chairman of the Board of Directors of Efore Plc.
The Board of Directors is planning to create an option scheme for the new President and CEO. According to the preliminary schedule, the system would be established during spring 2019 based on the existing share issue authorizations of the Board.
Efore Plc
Board of Directors
For more information, please contact Tuomo Lähdesmäki, Chairman of the Board of Directors, Tel. +358 50 5879648
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Efore Group
Efore is an international Group which develops and produces demanding power products. Efore's head office is based in Finland and its R&D functions are located in Finland, Sweden, Italy and China. Sales and marketing operations are located in Europe, United States and China. In the financial year ending in December 2017, consolidated net sales totalled EUR 69.9 million and the Group's personnel averaged 432. The parent company's share is quoted on the Nasdaq Helsinki Ltd.
www.efore.com