In accordance with the resolution by the Extraordinary General Meeting of Cloetta on 15 February 2012, and following announcement that the merger between Cloetta and LEAF has been completed, the Board of Directors of Cloetta consists of Lennart Bylock (Chairman), Hans Eckerström, Håkan Kirstein, Adriaan Nühn, Robert-Jan van Ogtrop, Mikael Svenfelt, Olof Svenfelt, Meg Tivéus and Peter Törnqvist as well as the employee representatives Birgitta Junland and Lena Grönedal. The new Board of Directors has, at its statutory meeting, resolved, among others, as follows.
Hans Eckerström (Chairman), Olof Svenfelt, Meg Tivéus and Peter Törnqvist have been appointed members of the Audit Committee. The Remuneration Committee consists of Robert-Jan van Ogtrop (Chairman), Lennart Bylock, Hans Eckerström and Mikael Svenfelt. Lennart Bylock (Chairman), Hans Eckerström, Mikael Svenfelt and Peter Törnqvist have been appointed members of the Integration Committee, a committee formed specifically for the integration between Cloetta and LEAF.
Changes to executive management
The Board has resolved to appoint Bengt Baron as new CEO and President of Cloetta. Bengt Baron has previously been CEO of LEAF and has extensive experience in developing consumer brands. At the same time, Cloetta’s current CEO Curt Petri leaves his operational role after more than 20 years in Cloetta’s and earlier Cloetta Fazer’s management to retire. In connection with completion of the transaction, Danko Maras was appointed new CFO in Cloetta. For other changes in the executive management, more information is available on www.cloetta.com
Call option scheme
Cloetta’s main owners following the merger – AB Malfors Promotor, Nordic Capital and CVC (through holding companies) – have informed the Board of Directors of Cloetta that members of the executive management and certain other key employees have acquired call options at market terms. The call options have been granted by the main owners in order to promote the commitment to the company’s development. The call options are exercisable during three different time periods; the first during the coming two years, the second between year 2 and year 3, and the third between year 3 and year 4. The options comprise in the aggregate 6,869,926 series B shares in the company (subject to recalculation according to customary terms).
Cloetta does not contribute to the call option scheme and will not incur any costs related to the scheme.
Please refer inquiries to:
Jacob Broberg, Senior Vice President Corporate Communications and Investor Relations, Cloetta, +46 70 190 00 33.
The information contained in this press release is such that Cloetta is required to disclose pursuant to the Swedish Financial Instruments Trading Act and/or the Swedish Securities Markets Act. The information was submitted for publication on February 16, 2012 at 14:30 p.m. CET.
Cloetta, founded in 1862, is a leading confectionary company in the Nordic region, the Netherlands, and Italy. In total, Cloetta products are sold in more than 50 countries worldwide. Cloetta owns some of the strongest brands on the market, e.g. Läkerol, Cloetta, Jenkki, Kexchoklad, Malaco, Sportlife, Saila, Red Band and Sperlari. Cloetta has 12 production units in six countries. Cloetta’s B-shares are traded on NASDAQ OMX Stockholm.
More information about Cloetta is available on www.cloetta.com