The Board of Directors of Marimekko Corporation has today elected Mr Mika Ihamuotila, PhD (Econ), 43, as President and CEO of the company as of February 1, 2008. However, he will promptly start to prepare the future development of the company. Kirsti Paakkanen and Mika Ihamuotila have also informed the Board of a major change in ownership of Marimekko. Workidea Oy, which is the largest shareholder of Marimekko and a holding company owned by Kirsti Paakkanen, will today sell 804,000 shares in Marimekko (10,00% of outstanding shares) to Muotitila Ltd, a holding company owned by Mika Ihamuotila. In addition, Workidea has committed to sell the rest of its shares (another 804,000 shares) to Muotitila Ltd. Muotitila has the right to acquire these shares at its choice before the end of the year 2008. However, the voting rights of all shares (20,00% of outstanding shares) will be transferred to Muotitila already today in all ordinary issues which are specified as belonging to the shareholders' meeting. In addition, the second largest shareholder of Marimekko (4.34%), Varma Mutual Employment Pension Insurance Company and Mika Ihamuotila have informed the Board that Varma will sell 241,200 shares in Marimekko (3,00% of outstanding shares) to Muotitila. After the transaction, Varma's share of Marimekko Corporation's share capital and voting rights will decrease to 1.34%. Matti Kavetvuo, Chairman of the Board: “Mr Mika Ihamuotila has a very strong capacity to take Marimekko to an entirely new development phase. As the president and CEO of Mandatum Bank Plc, he succeeded in turning around the previous Interbank and made it a flourishing company. As the president and CEO of Sampo Bank Plc he turned around the previous Leonia Bank into an exceptionally profitable and valuable company and, at the same time, internationalized the bank. In both of these positions, he created an inspiring corporate culture, built an attractive consumer brand and continuously broke traditional ways of doing things within the industry.” Kirsti Paakkanen, President and CEO: “I am really happy that in Mika Marimekko gets a committed owner and leader. Mika possesses a rare combination of strong corporate leadership and creativity. I simply cannot think of a better captain for the company and I trust he has got what it takes to develop Marimekko further. Mika has asked me to assist him and the company even after he takes charge. I want to do this from all my heart.” Mika Ihamuotila: “Marimekko is a ‘pearl'. Its unique style has loyal admirers in several countries. However, I think the company could be much, much more. It is my aim to start building Marimekko into a cult brand within clothing, interior decoration and lifestyle as well as a company that has an international retail distribution network, a passionate staff and a market value multifold from today. That's my dream. I believe that together with Marimekko's staff we can succeed in it within the next 10 years.” A briefing for media and analysts will be held today, October 31, 2007, in Marimekko's flagship store Kämp Galleria Shopping Mall, Pohjoisesplanadi 31, Helsinki, at 1.30 p.m.. Kirsti Paakkanen, Mika Ihamuotila and Matti Kavetvuo will be present. Helsinki, 31 October 2007 MARIMEKKO CORPORATION Board of Directors MARIMEKKO CORPORATION Group Communications Marja Korkeela Tel. +358 9 758 7238 Fax: +358 9 759 1676 E-mail: marja.korkeela@marimekko.fi Distribution: OMX Nordic Exchange Helsinki Principal media Marimekko's website, www.marimekko.com Marimekko Corporation is a leading Finnish textile and clothing design company that was established in 1951. The company designs, manufactures and markets high-quality clothing, interior decoration textiles, bags and other accessories under the Marimekko brand, both in Finland and abroad. In 2006, the company's net sales amounted to EUR 71.4 million. Exports and income from international operations accounted for 25% of the Group's net sales. Licensing has been a part of Marimekko's operations in Finland and abroad since 1960s. The Group employs about 400 people. The company's share is quoted on the OMX Nordic Exchange Helsinki. www.marimekko.com
MIKA IHAMUOTILA BECOMES PRESIDENT AND CEO AS WELL AS PRINCIPAL SHAREHOLDER OF MARIMEKKO
| Source: Marimekko Oyj