KRISTIANSTAD, Sweden--(BUSINESS WIRE)--Regulatory News:
After more than 10 years as CEO of the Bong (STO:BONG) group, Anders Davidsson is now moving on to a new job outside Bong. Stephane Hamelin, Bong’s Chairman and also the largest shareholder, will assume the role as CEO with immediate effect.
Anders Davidsson has accepted an offer to become the CEO of Kwintet, the European leader in professional work wear. Kwintet has an annual turnover of around Euro 500 million and is headquartered in Malmö.
“It has been a pleasure to work with Anders Davidsson, not only because of his professional skill, but also because of the moral values we have in common”, says Bong’s Chairman Stephane Hamelin. “Last year, he played an important role in securing the new rights issue and the refinancing of the group. He also led the work to develop and initiate a comprehensive turnaround plan for Bong, which is now being rolled out. We thank Anders for his years with Bong and wish him good luck in his future career.”
In order to keep the current momentum in the ongoing transformation of the company, Stephane Hamelin, who knows the envelope and packaging industry very well and was closely involved in developing the turnaround plan, will take the role as CEO with immediate effect. The senior and experienced leadership team that is already in place will support Stephane Hamelin. Anders Davidsson will also stay for some time to secure a smooth handover.
Stephane Hamelin joined Bong’s Board of Directors in 2010 and has been the Chairman of the Board since May 2013. He has an extensive experience of the office products industry and also knows the envelope industry very well. Before the merger with Bong in 2010, he used to personally run the envelope division of Groupe Hamelin for many years. While it is unfortunate that Anders Davidsson leaves, the fact that Stephane Hamelin now takes the role as CEO will mean that the turnaround can continue with full force.
Stephane Hamelin will resign from his position as Chairman at the same time when he takes the role as CEO of the group. The Board of Directors has instead decided to appoint Eric Joan as new Chairman of Bong until the next Annual General Meeting.
Malmö, July 4, 2014
Bong is a leading provider of specialised packaging and envelope products in Europe, offering solutions for distribution and packaging of information, advertising materials and lightweight goods. Important growth areas in the Group are the Propac packaging concept and Russia. The Group has annual sales of approximately SEK 2.5 billion and about 1,900 employees in 15 countries. Bong has strong market positions in the majority of key markets in Europe, and the Group sees interesting possibilities for continued expansion and development. Bong is a public limited company and its shares are listed on NASDAQ OMX Stockholm Small Cap.
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