Efore - Changes board/management/auditors

Jorma Wiitakorpi has been appointed CEO of Efore Plc

Espoo, Finland, 2016-04-29 07:00 CEST (GLOBE NEWSWIRE) -- 
EFORE PLC  Stock Exchange Release            April 29, 2016        at 8:00 a.m.


Jorma Wiitakorpi (b. 1957) has been appointed CEO of Efore Plc. Wiitakorpi will
start as CEO today, 29 April 2016. 

Jorma Wiitakorpi, M.Sc. in Engineering (Industrial Engineering and Management,
1982), has occupied various management positions in manufacturing industry
since 1984. In the past years Jorma Wiitakorpi has worked in interim director
positions, in management advisory and as a board professional. Previously he
has occupied a CEO position in Patria Oyj, Reka Kaapeli Oy, Asko Appliances Oy,
Uporef Oy and Isora Oy. Wiitakorpi has been Chairman or Member of the board in
more than 20 companies. 

Chairman of the Board of Directors Päivi Marttila:
”Efore has had profitability challenges and the development of the net sales
especially during the latter part of the year 2015 was disappointing. In the
end of last year, the company published a new strategy which cornerstones are
efficient cost base, empowering competent employees, evolving game changing
technologies and expanding selected markets. According to the new strategy we
have initiated discussions on outsourcing of manufacturing as well as
manufacturing support functions at the Suzhou plant in China. The target is to
finalize the outsourcing negotiations by the beginning of Q3/2016. Therefore,
we are very pleased to welcome Jorma Wiitakorpi, who has firm, diverse and
international experience as a business director, as the CEO for the company. He
has executed various successful completions of turnaround projects and
implementation of new strategies. I believe he will bring the necessary skills
and experience for the execution of Efore’s strategic objectives.” 

CEO Jorma Wiitakorpi:
”Efore has good, long-term customer relationships and well-functioning R&D
operations, which ensure high-quality products also going forward. These
elements form a good foundation for success in the future. Efore’s strategy was
remodeled in 2015. Now it is essential that we truly are capable of
implementing the strategy to be a part of every person’s daily actions at
Efore. We have to improve the structure of the company to be yet more
cost-effective and adaptable in order to ensure, that also in future we will be
able to provide our customers with high-quality solutions and products.” 

Wiitakorpi’s CEO agreement is in force for a specific term.

EFORE PLC

Board of Directors

Further information: Päivi Marttila, Chairman of the Board of Directors, 29
April 2016 at 9-10 am EET, tel. +358 400 285 358. 

DISTRIBUTION

Nasdaq Helsinki Ltd
Main Media

Efore Group

Efore Group is an international company which develops and produces demanding
power products. Efore's head office is based in Finland and its production
units are located in China and Tunisia. Sales and marketing operations are
located in Europe, United States and China. In the fiscal year ending in
December 2015, consolidated net sales totalled EUR 89,9 million and the Group's
personnel averaged 887 . The company's share is quoted on the Nasdaq OMX
Helsinki Ltd. 

www.efore.com