RAPALA VMC CORPORATION, Changes board/management/auditors, June 14, 2024 at 06:00 p.m. EET
Rapala VMC continues its strategic plan introduced this year. The Group is working continuously to become more agile on all operational levels, fulfilling the promise of being the best partner in the business. This approach is best enhanced by bringing decision making closer to the local markets and defining clear country and regional accountabilities.
Following the transition in movement, Executive Vice Presidents Päivi Ohvo, Enrico Ravenni and Joni Tuominen have decided to pursue new career opportunities outside the Rapala VMC Group. All three are highly motivated to assist in transferring their current duties to the other members of the Group during the transition period. This process will start immediately, and the Group is confident the change of duties will be performed in a timely and business-first manner. Ohvo, Ravenni and Tuominen will leave the Global Management Team ("GMT") today. Executive Vice President David Neill will also step down from the GMT and return to his former position of President of Rapala Canada. Neill will be reporting to Marcus Twidale, President of Rapala USA.
The Group will not look for replacement for exiting GMT members and the GMT member count will reduce the number of GMT members from eleven to seven. Responsibilities of the exiting GMT members are distributed between the remaining seven GMT members or reorganized otherwise.
Chief Operating Officer Jean-Philippe Nicolle will strongly focus on European performance improvement initiatives in addition to his global duties. Nicolle will report to Deputy CEO Cyrille Viellard and will continue as a member of the GMT.
"I want to thank Päivi, Enrico and Joni for their outstanding service for Rapala VMC Corporation during all those years we've shared together. I wish you all the best in the future." said Rapala VMC President & CEO Lars Ollberg.
Rapala VMC Corporation
Lars Ollberg
President and Chief Executive Officer
For additional information, please contact: Tuomo Leino, Investor Relations (tel. +358 9 7562 540)
About Rapala VMC Corporation
Rapala VMC Group is the world's leading fishing tackle company with a largest distribution network in the industry. The Group is a global market leader in fishing lures, treble hooks and fishing related knives and tools. The main manufacturing facilities are in Finland, France, Estonia, and the UK. The Group's brand portfolio includes leading brands in the industry such as Rapala, VMC, Sufix, 13Fishing as well as Okuma in Europe. The group, with net sales of EUR 222 million in 2023, employs some 1 400 people in approximately 40 countries. Rapala VMC Corporation's share is listed and traded on the Nasdaq Helsinki stock exchange since 1998.
www.rapalavmc.com
