Group Chief Executive Birger Riisager, who has headed the FLS Group since 1987, has announced that due to differences on the future strategic direction he wishes to pursue other activities. Accordingly the Board of Directors has decided to implement a reorganisation. Birger Riisager will leave the Management of the parent company, FLS Industries A/S, and the Group Management Board by the end of this month - Birger Riisager will however be available to effect a smooth transition over the next six months.
Under Birger Riisager's leadership, FLS Industries A/S has achieved significant growth and profitability as reflected in the financial highlights mentioned below.
Turnover: 1987: 7,166m DKK - 1999: 20,993m DKK
Earnings before tax: 1987: 153m DKK - 1999: 2,756m DKK
Shareholders' equity: 1987: 1,738m DKK - 1999: 8,083m DKK
The Board of Directors would like to take this opportunity to express its appreciation of Birger Riisager's achievements over the years.
At the forthcoming Annual General Meeting of FLS Industries A/S on Tuesday 2 May, Ib Christensen, who retired from the position of Group Executive Vice President on 31 March, will be proposed for election to the Board of Directors of the Company with the intention of a subsequent nomination for the post of Board Chairman, succeeding Jens Münter who will continue to serve on the Board of Directors.
As Chairman of the Board, a key task for Ib Christensen will be a swift appointment of a Chief Executive Officer of FLS Industries A/S. During the period of transition, Ib Christensen will also serve as Chairman of the Group Management Board, which comprise the Group Chief Financial Officer Jens Due Olsen, Group Executive Vice President Ole Trolle, and the Chief Executive Officers of the four key businesses, Frank Gad, F.L.Smidth-Fuller Engineering A/S, Erik Hoffmann-Petersen, FLS miljø a/s, Peter Assam, Aalborg Portland Holding A/S and Stephen Henderson, FLS Aerospace Holding A/S.
The new Chief Executive Officer of
FLS Industries A/S will join the Group Management Board as chairman, thus being responsible for day-to-day management of the FLS Group together with the Group Chief Financial Officer. Ib Christensen will remain as Chairman of the Board of Directors.
At the forthcoming Annual General Meeting additional information on the management of the FLS Group will be provided.
FLS Industries A/S
Corporate Public Relations