15 Jun 2009 11:12
15 June 2009
Powerflute OYJ
Directorate Change
Powerflute Oyj ("Powerflute" or "the Group"), the packaging group with established positions in Nordic semi-chemical fluting and coated woodfree papers, announces that Don Coates has today resigned from his position as Chief Executive and as a Director of Powerflute to seek new opportunities outside of the Group.
The Board has initiated a search for a successor. However, until such time as an appointment is made Dermot Smurfit will become Chairman and Chief Executive. He will be assisted by the Group's Chief Financial Officer, David Walton, who prior to joining Powerflute held the position of Chief Executive of API Group plc, the producer of packaging for premium-branded goods.
Commenting on the announcement, Dermot Smurfit said:
"The Board would like to thank Don for the contribution he has made during his time with the Group. While he was Chief Executive, we successfully listed on AIM, established the Harvestia wood procurement joint venture and completed the acquisition of Papierfabrik Scheufelen. We wish him well for the future.
"The Board has commenced a search for a successor. In the meantime, I will become both Chairman and Chief Executive and will devote such additional time to the Group as is necessary. I will be ably assisted by our Chief Financial Officer, David Walton."
Ends
For additional information please contact:
| Powerflute OYJ Dermot Smurfit (Chairman and Chief Executive) David Walton (Chief Financial Officer) | c/o Billy Clegg, FD +44 (0)20 7269 7157 | |
| Collins Stewart Europe Ltd: Piers Coombs Ileana Antypas | +44 (0)20 7523 8350 | |
| E.Öhman J:or Fondkommission AB: Ms Arja Väyrynen | +358 9 8866 6029 | |
| Financial Dynamics: Billy Clegg Georgina Bonham | +44 (0)20 7831 3113 | |
| K Capital Source Mark Kenny Jonathan Neilan | +353 (1) 631 5500 |
www.powerflute.com