CTEK CEO sacked amidst share price fall

CTEK CEO Jon Lind has ‘jointly agreed’ with the board to leave the position he has held since 2013.

Jon Lind

Hans Stråberg, Chairman of the Board said: ”The Board of Directors has together with Jon Lind made the assessment that now is the right time to identify a new leader with continued strong execution capabilities and with a track record from leading a business in a fast growing market that is rapidly changing while maintaining focus on profitability. I want to sincerely thank Jon Lind for his efforts for CTEK during his 10 years in the company as President and CEO, during which he has successfully developed and executed extensive and essential changes that have positioned the company for the future”.

READ: UK fulfilment centre for CTEK at Rotronics site

CTEK has has a challenging twelve months, with shares today selling for around 38 SEK (around £2.98) compared with  148 SEK (11.62) this time last year. It was listed on NASDAQ Stockholm in September 2021 following an IPO. Shareholders were made aware of Lind’s departure on January 10.

Private equity fund Altor sold it’s entire shareholding in CTEK (around 9.94 percent of the company) in mid-2022 having bought in to the firm back in 2011.

Following the announcement of Lind’s departure,  new CEO will be sought, but in the meantime Ola Carlsson, board member since 2011, has been appointed acting CEO. His earlier experience includes EVP Product Supply for Nobia AB, EVP Global Operations for Munters AB and COO for Electrolux Floor Care and Small Appliances. He holds a degree in M.sc. in engineering from Linköping University.

 

CTEK share performance 6 Feb 2022 – 6 Feb 2023

Published by Greg Whitaker

Editor of CAT Magazine and an experienced motoring journalist @GregWhitaker5

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