Stockmann - Company Announcement

Stockmann’s CEO Hannu Penttilä to retire at the end of 2014

Helsinki, Finland, 2014-05-23 08:00 CEST (GLOBE NEWSWIRE) -- STOCKMANN plc,
Company Announcement 23.5.2014 at 9:00 EET 

Chief Executive Officer Hannu Penttilä has informed the Board of Directors of
Stockmann plc that he will retire on 31 December 2014. Penttilä's term was
extended until further notice in spring 2013, as he had reached the retirement
age specified in his service agreement. 

”Hannu Penttilä's career at Stockmann spans more than 35 years in various
management positions, and his 13-year term as CEO has been exceptionally long.
During that time Stockmann has been transformed from a company operating solely
on the Finnish market into an international retail business. The acquisition of
Lindex and the construction of the Nevsky Centre shopping centre in St
Petersburg were bold and successful moves. I would like to extend my deepest
thanks to Hannu at this stage already for his excellent work in developing the
company,” says Kaj-Gustaf Bergh, Chairman of Stockmann's Board of Directors. 

The Board of Directors has decided to begin a process of reviewing and revising
Stockmann's existing strategy, the outcome of which could have a considerable
impact on the present structure of the business operations. The aim is to
approve a new Group strategy within the next six months. The process of
acquiring a new CEO will proceed with the strategy work and will be linked to
its outcome. 

The Board will play an active role in leading the strategy process. Board
member Kjell Sundström will be heading the strategy process. He has been
employed by the company as Strategy Director with a fixed-term contract of 6 to
12 months. Sundström will report to the Chairman of the Board. 

Maisa Romanainen, Director of the Department Store Division, and Göran Bille,
Director of the Fashion Chain Division, are responsible for the strategy work
in their respective divisions, together with the CFO, Pekka Vähähyyppä. 

Further information:
Kaj-Gustaf Bergh, Chairman of the Board of Directors, tel. +358 40 5247730
Hannu Penttilä, CEO, tel. +358 9 121 5801


STOCKMANN plc

Hannu Penttilä
CEO


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