Eskil Zapffe has been appointed as the new CEO of Ratos's subsidiary Jøtul with
effect from 13 January 2014. Eskil's most recent position was with Lilleborg
Dagligvare where he has been CEO since 2009.
Eskil Zapffe, born 1967, has held a number of leading positions in the Orkla
Group for the past 20 years, firstly with production and subsequently with
overall responsibility for B2B and brand-driven B2C operations such as Lilleborg
Profesjonell and Lilleborg Dagligvare. Eskil's most recent position was with
Lilleborg Dagligvare where he has been CEO since 2009.
"Jøtul has faced a couple of really challenging years and has among other things
made major changes within production and logistics. We are now nearly through
this and can once again focus on growth and continue to improve profitability.
Eskil has long experience of managing change in companies and building strong
brands. We on the board are therefore convinced that we have found the right
person to lead Jøtul in the next phase of the company's development," says
Anders Lindblad, Chairman of Jøtul.
Jøtul is one of Europe's largest manufacturer of stoves and fireplaces. The
company, which is one of the oldest in Norway dating back to 1853, manufactures
stoves, cassettes, surrounds and fireplace accessories. The company's key brands
are Jøtul and Scan. Production mainly takes place in Norway and Denmark with
smaller units in France and the US. The products are sold worldwide through both
sales subsidiaries and importers. Products reach end consumers through
speciality stores in Norway and through DIY outlets.
Eskil Zapffe will take up his position on 13 January 2014 and succeed Arve Johan
Andresen who was CEO of Jøtul until summer 2013. Stein Erik Bjørni has been
acting CEO since August 2013.
For further information, please contact:
Per Frankling, Investment Director Ratos, +46 8 700 17 80
Anders Lindblad, Chairman of Jøtul, +46 705 51 87 72
Emma Rheborg, Head of Corporate Comunications and IR Ratos, +46 8 700 17 20
Financial calendar from Ratos:
Year-end report 2013 20 February 2014
Annual General Meeting 2014 27 March 2014
Interim Report January-March 2014 8 May 2014
Interim Report January-June 2014 15 August 2014
Interim Report January-September 2014 7 November 2014
Ratos is a private equity conglomerate. The company's mission is to maximise
shareholder value over time through the professional, active and responsible
exercise of its ownership role in primarily medium to large unlisted Nordic
companies. Ratos's holdings include AH Industries, Aibel, Arcus-Gruppen, Biolin
Scientific, Bisnode, DIAB, Euromaint, GS-Hydro, Hafa Bathroom Group, HENT, HL
Display, Inwido, Jøtul, KVD Kvarndammen, Mobile Climate Control, Nebula, Nordic
Cinema Group and SB Seating. Ratos is listed on Nasdaq OMX Stockholm and market
capitalisation amounts to approximately SEK 19 billion.
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