STOCKHOLM--(BUSINESS WIRE)--Regulatory News:
Etraveli (STO:ETAB) continues to implement strategic changes to strengthen its leading position within online travel. The Board has decided to propose two new Board members; Ralph Axelson, one of the founders of Etraveli and current Executive Vice President and Per Setterberg, for many years the CEO of Global Blue, which both will contribute with extensive expertise from the online travel and global services industries.
"Etraveli has in the past year brought new skills to the operative management and now also strengthens the Board. We are delighted that Ralph Axelson after many years within the operative management of the company now will become a member of the Board. We are also very proud that Per Setterberg, one of Sweden's most prominent entrepreneurs and successful CEO of Global Blue, has responded positively to contribute to the Etraveli development through accepting a Board position", says Erik Strand, Chairman of Etraveli, in a comment.
Ralph Axelson, one of the founders of Etraveli and the current Executive Vice President, will leave his operational duties within the company during the autumn to join the Etraveli Board.
Per Setterberg is currently working with own investments. He was previously and for many years the CEO of Global Blue, a global company focused on VAT refunds to tourists, which successfully developed its business with a presence in 43 countries and a customer base of approximately 270,000 affiliated stores.
Within Etraveli there is an on-going process to improve both revenue growth and profitability, which includes international expansion.
"Our business is developing in the right direction, and we note that the positive trend in sales and profitability, that we reported in our six month report, continues. As the CEO, I am very pleased with the competence that is now added to the Board, in terms of knowledge about both internalization and the travel industry", says Mathias Hedlund, CEO Etraveli AB.
Etraveli AB (publ) discloses the information provided herein pursuant to the Swedish Securities Markets Act and/or the Swedish Financial Instruments Trading Act. The information was released for publication on Wednesday the 10th of July 2014 at 11.00 am.
Etraveli (publ) is the leading Nordic online travel agent (OTA) with a wide range of airline tickets, hotel accommodation and other travel related services. The company operates in 25 countries through brands such as Supersaver/Supersavertravel, Gotogate, Travelstart and the meta-search services Flygresor.se and Charter.se in Sweden. Etraveli is one of the five largest aircentric online travel agents in Europe, and in 2013 it intermediated air tickets and related services to an amount exceeding SEK 7 billion, with revenue of more than SEK 500 million. The company headquartered is in Uppsala, Sweden and is owned by the private equity fund Segulah IV, LP and senior management.
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