Assa Abloy Board Sacks Ceo

Johan Molin has been appointed as the new President and CEO. He will take up the position on 1 December 2005. Since 2001 he has worked as President and CEO of the Danish industrial group Nilfisk-Advance. During his time at Nilfisk-Advance, Johan Molin has led a successful turnaround of the company, which has sales of SEK 6.4 billion and is a world leader in industrial and commercial cleaning machinery. Between 1983 and 2001 Johan Molin worked for the Atlas Copco Group, most recent as President of Industrial Air Division in Belgium, a business with sales of SEK 5 billion and 2,700 employees. Johan Molin is 46 and has a degree from the Stockholm School of Economics. “Bo Dankis has been part of ASSA ABLOY’s management since 1997 and has been responsible for many important achievements for the Group,” says Chairman Georg Ehrnrooth. “The Board continues to have full confidence in Bo Dankis, but believes that the Group now needs a leader with a different profile. Both income and growth continue to develop as planned. With Johan Molin as CEO there are good opportunities for increased organic growth. “Our strategy remains unchanged, but we believe that the combination of knowledge of both conventional technology and advanced new solutions that exists in the Group gives us the potential to raise the business to a new level.” “Our Leverage & Growth program will be completed as planned during the fourth quarter,” Ehrnrooth continues. “Our efforts to reduce costs by means of productivity improvements and enhanced supply management continue according to plan, and we do not expect any new restructuring provisions.”