New CEO and President of Handicare
The Board of Directors of Handicare Group AB and Staffan Ternström have agreed that Staffan Ternström today will leave his position as President and CEO. The Board has decided to appoint the Board member Johan Ek as acting CEO and President during an interim period. Recruitment of a new CEO will be initiated during the second quarter.
”The Board believes that over a longer period, Handicare has not performed in line with the company’s potential and we currently have an underlying performance which does not meet our expectations. As a part of our strategic review, the company has already carried out several successful divestments, and this change in management is another step in securing that we meet our targets, enabling for Handicare to live up to its full potential. We are also humbled by the challenges that have emerged in light of Covid-19 and consider that these create further demand for an increased efficiency and an even more focused company”, says Lars Marcher, Chairman of the Board of Handicare.
”Johan Ek has extensive experience from leading successful company transformation programs characterised by a direct and attentive leadership. The Board’s objective with the appointment of Johan is to firmly lead it forward in its development towards becoming a world leader within the Accessibility area. Handicare now enters a new phase where we through an increased focus on stairlifts are going to create an even more competitive company in a market with strong underlying demand”, Lars Marcher continues.
“The Board would also like to take this opportunity to thank Staffan Ternström for his contribution as CEO and President of Handicare. We wish him the best of luck in his future career,” Lars Marcher adds.
Johan Ek, born 1968, has wide-ranging experience from similar management positions and board work. He is currently a member of the Board of Handicare and Munters, as well as Chairman of the Board of Sunrise Medical and GHD GmbH.
”I look forward to taking on the role as acting CEO of Handicare, where the opportunities and challenges are well known to me from my time on the Board. The operations within Accessibility have yielded a strong annual growth, and moving forward, the primary focus will be to secure that we have an optimized structure in place to enable further development and improved results. The goal is to make Handicare an even more focused company and to ensure that we have the right preconditions in place to take us out of Covid-19 as a stronger player in the market”, says Johan Ek, acting CEO and President.
Johan Ek assumes the position with immediate effect.
For more information, contact:
Lars Marcher, Chairman of the Board of Directors, tel. +45 5136 2490
This information is information that Handicare Group AB (publ) is required to disclose pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 08.45 CEST on 20 April 2020.
About Handicare
Handicare offers solutions to increase the independence of disabled or elderly people, and to facilitate for their care providers and family. The offering encompasses a comprehensive range of curved and straight stairlifts, transfer, lifting and repositioning aids and vehicle adaptations. Handicare is a global company with sales in more than 20 countries and is one of the market leaders in this field. The head office is in Stockholm, Sweden and manufacturing and assembly is located at five sites distributed across North America, Asia and Europe. In the twelve-month period to December 2019, revenue amounted to MEUR 271 and the adjusted EBITA margin was 7.8%. Employees amounted to 1,040 and the share is listed on Nasdaq Stockholm. For more information, www.handicaregroup.com.