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2008-01-08 07:30:00 CET 2008-01-08 07:30:01 CET REGULATED INFORMATION Technopolis - Changes board/management/auditorsPROPOSAL TO THE TECHNOPOLIS ANNUAL GENERAL MEETING ON THE TRANSFER OF THE PRESIDENT AND CEO INTO A FULL-TIME BOARD CHAIRMAN AND THE STRENGTHENING OF THE BOARD WITH NEW MEMBERS; ORGANIZATION TOPROPOSAL TO THE TECHNOPOLIS ANNUAL GENERAL MEETING ON THE TRANSFER OF THE PRESIDENT AND CEO INTO A FULL-TIME BOARD CHAIRMAN AND THE STRENGTHENING OF THE BOARD WITH NEW MEMBERS; ORGANIZATION TO BE RENEWED The Technopolis Group targets an average net sales growth of 15 % per annum and aims to have operations in 2-3 other countries beside Finland in 2011. The growth program has proceeded well, and last year the company's Board made investment decisions totaling some EUR 195 million. To ensure the continuation of the company's solid development, the company intends to renew the Board and the operating organization and to initiate a related process of selecting a new President and CEO. The Chairman and Vice Chairman of Technopolis Plc's Board of Directors have, in accordance with the Board's decisions and the company's corporate governance system, held discussions with the company's largest shareholders on the new composition of the company's Board and the related selection of a new President and CEO. The intention is to propose the following changes to be decided by the Annual General Meeting due to be held on March 27, 2008. The five largest groupings of the company's shareholders, two of them non-Finnish and three of them Finnish, representing a total of approximately 28.1 % of the company's stock, have announced their support for the proposed changes. Once approved and carried out, the changes will substantially bolster the company's expertise in its Russian affairs and financing, while the company's considerable competence in technology parks will increasingly strengthen its growth. The intention is to propose to the Annual General Meeting that Pertti Huuskonen, the current President and CEO of Technopolis, will vacate his position to become a full-time Chairman of the Board. This move would take place early in the fall 2008, when the new President and CEO commences in the company. To recruit a new President and CEO, a nomination committee will be established, comprising Timo Parmasuo, current Chairman of the Board, Matti Pennanen, Vice Chairman, and Pertti Huuskonen, President and CEO. At the Annual General Meeting, the intention is to propose as new Board members Jussi Kuutsa, Development Director of the Stockmann Group's international operations, and Timo Ritakallio, Deputy Chief Executive Officer, OKO Bank plc. Jussi Kuutsa has had a long career at Stockmann plc's Russian business, working in various capacities in Moscow and St. Petersburg. Prior to that, he also worked as export manager for Timberjack Europe in Russia. He is a member of Kesla Oyj's Board. Timo Ritakallio has served the OP-Pohjola Group in different financial duties, and is currently Vice Chairman of the OKO Group's Executive Committee responsible for the Group's banking and investment services. In addition, he is Chairman of the Board at ZAO OKO Capital Vostok (Moscow), OKO Corporate Finance Ltd and OKO Venture Capital Ltd, and a Board member in a number of companies, including OKO Asset Management Ltd, OMX Nordic Exchange Group Ltd and SSH Communications Security Corporation. Furthermore, the intention is to propose to the Annual General Meeting that Timo Parmasuo (Board Chairman until the change), Matti Pennanen, Erkki Veikkolainen and Juha Yli-Rajala be re-elected as Board members. The Board of Directors has decided to realign the company's operating organization to comprise three profit centers: Capital Area, Other Finland and Russia. Keith Silverang, Vice President, will be the head of the Capital Area, while Reijo Tauriainen, Vice President, will head Other Finland, and Peter Coachman, General Director, will be in charge of the Russian unit. In addition, the Group's organization will feature matrix functions to carry out the corporate property development, sales and marketing and the service concept. The Group's Consulting unit and the business development company Technopolis Ventures Oy will report to Keith Silverang. Jarkko Ojala will continue as the company's CFO. The composition of the Group's Executive Board will remain unchanged. In the future, Technopolis aims at developing the transparency of the Group's operations and the reporting of operations, as the company transforms into an international technology center chain. The internal structure and development of the Group's net sales will be reported more extensively. The company will also pay more attention to its investor communications. “Successful implementation of the growth plan, which is substantial both in scope and importance, will require that the company's management resources be reinforced. The Technopolis Group targets an average net sales growth of 15 % per annum and, in addition to operating in Finland and Russia, aims to expand to one or two other countries by 2011. The purpose of electing new Board members is to add new competence particularly in efforts to make the company increasingly international and secure future financing. Another key consideration for us is to be able to harness the good 20 years of experience that the current President and CEO has for the benefit of both the implementation of the internationalization plan as well as Board of Directors work,” says Timo Parmasuo, Chairman of the company's Board. “Personally I'm enthusiastic about the organizational change, as it will put me in a better position to create added value for the company's development through my involvement in key strategic growth tasks. Anticipating that Technopolis will reach its target for net sales growth, the company's business will be doubled during the coming five years. I see this target as completely realistic and one that offers me a most fascinating challenge in my future role as Chairman of the Board,” says Pertti Huuskonen, President and CEO of Technopolis. Oulu, January 8, 2008 TECHNOPOLIS PLC Board of Directors Further information: Timo Parmasuo, Chairman of the Board, tel. +358 400 814 575 Pertti Huuskonen, President and CEO, tel. +358 400 680 816 Distribution: OMX Nordic Exchange Helsinki Main news media www.technopolis.fi |
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