Arve Johan Andresen new CEO of Jøtul


This information is disclosed in accordance with the Securities Markets Act, the Financial Instruments Trading Act or demands made in the exchange rules.

Arve Johan Andresen has been appointed as the new CEO of Ratos's subsidiary Jøtul, effective 1 November 2011. Arve Johan Andresen has held leading positions in several international companies.

Arve Johan Andresen, born 1961, has among other things been CEO of the Norwegian company Lærdal Medical prior to which he worked within Nestlé and McKinsey & Co. He comes most recently from Northzone Ventures where he has been a partner since 2001. During this period he participated actively in the development of a number of companies within different sectors. Arve Johan has also, within and outside Northzone Ventures, had the role of board member/chairman of the board of a number of companies. Arve Johan Andresen succeeds Erik Moe who has been CEO of Jøtul since 1999.

"Arve Johan Andresen has many years of experience from international operations. Among other things, his broad experience from developing companies, combined with his personal qualities, make him a highly suitable CEO for Jøtul. We on the Board are convinced that Arve Johan - together with the management team and other employees - will continue to develop Jøtul's operations and competitiveness," says Anders Lindblad, Chairman of the Board of Jøtul.

Arve Johan Andresen will assume his new position on 1 November 2011.

The Norwegian company Jøtul is Europe's largest manufacturer of stoves and fireplaces with production facilities in Norway, Denmark, France, Poland and the US. The company dates back to 1853 and the products are sold worldwide, primarily through speciality stores, but also through the DIY trade.

For further information, please contact:
Per Frankling, Investment Director Ratos, +46 70 268 59 08
Anders Lindblad, Chairman of the Board, Jøtul, +46 705 51 87 72
Arve Johan Andresen, CEO designate, Jøtul, +45 20 788 446
Emma Rheborg, Head of Corporate Communications and IR, Ratos, +46 733 80 22 63