The chairman of Thrane & Thrane A/S' Board of Directors, Waldemar Schmidt, has informed the Board of his decision to resign as chairman and retire from the company’s Board of Directors.
As new chairman, the Board of Directors has elected Morten Eldrup-Jørgensen, who is currently a member of the Board. Jim Hagemann Snabe, Co-CEO of SAP AG, who is also currently a member of the Board, has been elected deputy chairman of the Board.
The entire Board commented on the change of its chairman as follows: “Mr. Schmidt has been a member of the Board of Directors of Thrane & Thrane A/S and chairman of the Board since September 2000. Based on his extensive management experience from Danish and international companies, Mr. Schmidt has been an extremely competent chairman, making a great and valuable contribution to the company. The Board wishes to extend its thanks to Mr. Schmidt for his services."
The changes to the Board of Directors will not affect the ongoing strategic review of the company.
In connection with the strategic review, the Board of Directors has retained an internationally acknowledged firm of consultants to facilitate the work which will include a market analysis and an assessment of the best strategic alternatives for the company, including a growth strategy for the company’s existing business, as well as potential synergies with other companies.
The Board of Directors has suspended contacts with potential buyers of the company until the conclusions of the strategic review are available in order to optimize the Board’s platform for assessing the company’s assets and, on that basis, decide on how to best serve the interests of the company’s shareholders and other stakeholders.
The Board of Directors still expects to announce the results of the strategic review on or before May 14, 2012.
Contact:
Morten Eldrup-Jørgensen, Chairman
T.: +45 3311 4545
About Thrane & Thrane
Thrane & Thrane is the world’s leading manufacturer of equipment and systems for global mobile satellite and radio communication. Since its incorporation in 1981, the company has achieved a leading position within global mobile satellite services based on the Inmarsat system. The company provides equipment for use everywhere – on land, at sea and in the air. The company's communication products are marketed worldwide under the brands Thrane & Thrane, EXPLORERTM, SAILOR® and AVIATOR through distributors and partners. The company’s shares are listed on NASDAQ OMX Copenhagen (THRAN). www.thrane.com.
