Announcement no. 10 - 2007/08 July 5, 2007
WALTHER THYGESEN APPOINTED NEW CEO OF THRANE & THRANE
Walther Thygesen, the current CEO of Hewlett-Packard Denmark, has been
appointed CEO of Thrane & Thrane A/S and will join the company from September
1, 2007. At the same time, Walther Thygesen will retire from the Board of
Directors of Thrane & Thrane A/S. CEO Lars Thrane will continue to play an
active role in Thrane & Thrane's day-to-day management.
Over the past 15 years, Walther Thygesen has held various executive positions
in the Danish and European IT industry, including as European President of
Apple Computer Europe, Vice President of Compaq in the Nordic region and Senior
Vice President of Hewlett-Packard Europe. Since February 2005, he has served as
CEO with Hewlett-Packard in Denmark.
With the appointment of Walther Thygesen, the Board of Directors of Thrane &
Thrane intends to reinforce the company's executive management team with a view
to implementing the visions and goals contained in Thrane & Thrane's five-year
strategy plan.
Waldemar Schmidt, Chairman of the Board of Directors, said: ”Walther Thygesen
has many years of experience in executive positions in international
technology-intensive companies. Together with the other members of Thrane &
Thrane's management, Walther Thygesen can further develop Thrane & Thrane and
help the company achieve the ambitious strategic goals we have defined.”
After Walther Thygesen's appointment, the Management Board of Thrane & Thrane
will consist of Walther Thygesen, CEO, Svend Åge Lundgaard, CFO, and Lars
Thrane who will be in charge of the company's product and technology
development.
Lars Thrane said: ”It has been a great pleasure for me to head the company in a
transitional phase with all the tasks and challenges facing Thrane & Thrane.
In the long view, I do not wish to focus on too many activities, and I will now
revert to the things that interest me the most - the technical aspects of
running a high-tech business. That is where I can make myself most useful.
Walther and I will work closely together to make the most of our commercial and
technological expertise, jointly developing Thrane & Thrane in the best way
imaginable. Walther will have the overall commercial responsibility in the
future Thrane & Thrane.”
Since December 2001, Walther Thygesen has been a member of Thrane & Thrane A/S'
Board of Directors. Moreover, Walther Thygesen serves on the boards of
directors of Novozymes A/S, Hewlett-Packard Denmark (chairman), Vaekstfonden
(chairman), Investea A/S and Niras A/S.
Curriculum Vitae of Walther Thygesen
MSc Engineering from the Technical University of Denmark. MBA in Finance &
Marketing from Stanford University.
1994: European President, Apple Computer Europe, Paris
1996: General Manager, Compaq Denmark
2000: Vice President & General Manager, Compaq Nordic
2002: Vice President & General Manager, HP Northern Europe
2004: Senior Vice President, HP EMEA
2005: CEO and Senior Vice President, HP EMEA
Walther Thygesen was born in 1950, is married and lives in Allerød close to
Copenhagen. He has two children, is a cycling and golfing enthusiast.
For photos of Walther Thygesen, see www.thrane.com.
Warrants
In connection with his appointment, Walther Thygesen has been awarded 132,000
warrants to subscribe for 132,000 new shares in Thrane & Thrane. Walther
Thygesen will receive the warrants over a period of five years. At the time of
contracting, he will be awarded 60,000 warrants, and subsequent awards will
take place on September 1 of each of the following four years. The warrants
awarded are exercisable as set out in the terms and conditions in Appendix 2 to
the company's Articles of Association (extract attached). Walther Thygesen will
not earn warrants unless he is employed with the company. The market value of
the warrant programme is DKK 12.5m calculated in accordance with the Black &
Scholes model.
Press conference
Thrane & Thrane will host a press and analyst conference at 12:00 noon today,
at which Waldemar Schmidt and Lars Thrane will introduce Walther Thygesen. The
press conference will be held at the company's premises at Lundtoftegårdsvej
93D, 2800 Lyngby. A light refreshment will be served at the conference.
For further information, please contact
Waldemar Schmidt, Chairman
Tel.: +45 21 24 33 05
E-mail: waldemarschmidt@gmail.com
About Thrane & Thrane
Thrane & Thrane is the world's leading manufacturer of equipment and systems
for global mobile communication based on sophisticated satellite and radio
technology. Since its incorporation in 1981, the company has established a
strong position within global mobile communication solutions based on the
Inmarsat system, and today Thrane & Thrane provides equipment for maritime,
land-based and aeronautical use. The company's communication products are sold
throughout the world under the brands Thrane & Thrane, EXPLORER® and SAILOR®
through distributors and partners and as OEM products. Thrane & Thrane has
approximately 800 employees and is listed on the Copenhagen Stock Exchange.
More information about Thrane & Thrane A/S at www.thrane.com
APPENDIX CONCERNING WARRANTS
In connection with his appointment, Walther Thygesen has been awarded 132,000
warrants to subscribe for 132,000 new shares in Thrane & Thrane.
Walther Thygesen will receive the warrants over a period of five years. At the
time of contracting, he will be awarded 60,000 warrants, and subsequent awards
will take place on September 1 of each of the following four years. The
warrants awarded are exercisable as set out in the terms and conditions in
Appendix 2 to the company's Articles of Association. Walther Thygesen will not
earn warrants unless he is employed with the company.
Award overview
Grant Number of
warrants
Subscription price Expected
dividends
Exercise period
July 2007 60,000 Average share price during five trading days prior to the
publication of the CEO's appointment less expected dividends 33.58 Sep. 2010-
Aug. 2013
1 Sep 2008 27,000 The subscription price is determined at the higher of last
year's subscription price plus 6% or the share price at the date of grant, less
expected dividends for the period until one year after the last
grant. 28.08 Sep. 2011 - Aug. 2014
1 Sep 2009 15,000 The subscription price is determined at the higher of last
year's subscription price plus 6% or the share price at the date of grant, less
expected dividends for the period until one year after the last
grant. 22.27 Sep. 2012 - Aug. 2015
1 Sep 2010 15,000 The subscription price is determined at the higher of last
year's subscription price plus 6% or the share price at the date of grant, less
expected dividends for the period until one year after the last
grant. 15.72 Sep. 2013 - Aug. 2016
1 Sep. 2011 15,000 The subscription price is determined at the higher of last
year's subscription price plus 6% or the share price at the date of grant, less
expected dividends for the period until one year after the last
grant. 8.34 Sep. 2014 - Aug. 2017
Total 132,000
The market value of the warrant programme is DKK 12.5m calculated in accordance
with the Black & Scholes model. The market value has been calculated on the
basis of the Black-Scholes valuation model for options. The volatility has been
calculated at 30.5, using the last twelve months' movements in the Thrane &
Thrane share price. A risk-free interest rate of 4.58 % has been applied.
For further information, see Appendix 2 to the company's Articles of
Association. The Articles of Association is available at www.thrane.com
