EXEL COMPOSITES PLC STOCK EXCHANGE RELEASE 16.9.2013 at 9.00
EXEL COMPOSITES APPOINTS RIKU KYTÖMÄKI NEW PRESIDENT AND CEO
The Board of Directors of Exel Composites Plc. has appointed Riku Kytömäki, currently a Senior Vice President at ABB, as new President and CEO of Exel Composites. He will assume his duties not later than 13 March 2014, and succeeds Vesa Korpimies, who will resign from his position. Vesa Korpimies will continue in his role as CEO until Riku Kytömäki takes up his position.
“I joined Exel Composites in 1987 and have been the CEO during the last five years. I have had the privilege to head the company into a leading position in the pultrusion market. Today we are financially strong and are well poised for international growth. This is the right time for me to hand over the company to Riku Kytömäki. I will remain as CEO until Riku Kytömäki starts and continue to support the company to ensure continuity in our key business initiatives”, says Vesa Korpimies.
“Exel Composites is today well positioned to enter into a new strategic phase with accelerated international growth, as well as to further intensify the rollout of the “ExelWay”, our operational platform. The Board and Vesa Korpimies have agreed that he will step down from the position as CEO and hand over to Riku Kytömäki. The Board extends its thanks to Vesa Korpimies for his contributions to Exel Composites over the years. I sincerely thank him for his loyalty and his dedicated efforts for the company”, says Peter Hofvenstam, Chairman of the Exel Composites Board.
Riku Kytömäki will join Exel Composites from ABB, where he has served as head of ABB’s Large AC Motor business worldwide since 2012. Riku Kytömäki has a solid industrial background. He has many years of experience from various international positions within ABB, among others President for ABB Electrical Machines Ltd in China, Global Operations Manager for Business Unit Motors & Generators, and Global Product Group Manager for ABB Wind Power Generators. He was born in 1971 and holds an M.Sc in Electrical Engineering.
“Exel Composites is an exciting technology company with a strong position in the composite industry. I look forward to leading Exel Composites and taking part in realizing its large potential”, says Riku Kytömäki.
“Riku Kytömäki’s strategic skills, his leadership capabilities and his proven industrial track record from international operations constitute an excellent background to further develop Exel Composites’ global business and to drive profitable growth”, says Peter Hofvenstam.
Vantaa, 16 September 2013
EXEL COMPOSITES PLC
Board of Directors
For further information, please contact:
Peter Hofvenstam, Chairman of the Board of Exel Composites Plc., tel. +46 8 788 50 00, or email firstname.lastname@example.org
Vesa Korpimies, President and CEO, tel. +358 50 590 6754, or email email@example.com
NASDAQ OMX Helsinki Ltd.
Main news media
EXEL COMPOSITES IN BRIEF
Exel Composites (www.exelcomposites.com) is a technology company which designs, manufactures and markets composite profiles and tubes for industrial applications. The Group is the leading composite profile manufacturer in the world and concentrates on growing niche segments.
The core of the operations is based on own, internally developed composite technology, product range based on it and a strong market position in selected segments with a strong quality and brand image. Profitable growth is pursued by a relentless search for new applications and development in co-operation with customers. The personnel's expertise and high level of technology play a major role in Exel Composites' operations.
Exel Composites Plc. share is listed in the Small Cap segment of NASDAQ OMX Helsinki Ltd.