Efore Group appoints Jorma Wiitakorpi as CEO

– FINLAND, Espoo – Efore Plc announced that Jorma Wiitakorpi has been appointed CEO of Efore Plc and will start as CEO today, 29 April 2016.

Jorma Wiitakorpi, M.Sc. in Engineering, has occupied various management positions in manufacturing industry since 1984. In the past years Jorma Wiitakorpi has worked in interim director positions, in management advisory and as a board professional. Previously he has occupied a CEO position in Patria Oyj, Reka Kaapeli Oy, Asko Appliances Oy, Uporef Oy and Isora Oy. Wiitakorpi has been Chairman or Member of the board in more than 20 companies.

Chairman of the Board of Directors Päivi Marttila: ”Efore has had profitability challenges and the development of the net sales especially during the latter part of the year 2015 was disappointing. In the end of last year, the company published a new strategy which cornerstones are efficient cost base, empowering competent employees, evolving game changing technologies and expanding selected markets. According to the new strategy we have initiated discussions on outsourcing of manufacturing as well as manufacturing support functions at the Suzhou plant in China. The target is to finalize the outsourcing negotiations by the beginning of Q3/2016. Therefore, we are very pleased to welcome Jorma Wiitakorpi, who has firm, diverse and international experience as a business director, as the CEO for the company. He has executed various successful completions of turnaround projects and implementation of new strategies. I believe he will bring the necessary skills and experience for the execution of Efore’s strategic objectives.”

CEO Jorma Wiitakorpi: ”Efore has good, long-term customer relationships and well-functioning R&D operations, which ensure high-quality products also going forward. These elements form a good foundation for success in the future. Efore’s strategy was remodeled in 2015. Now it is essential that we truly are capable of implementing the strategy to be a part of every person’s daily actions at Efore. We have to improve the structure of the company to be yet more cost-effective and adaptable in order to ensure, that also in future we will be able to provide our customers with high-quality solutions and products.”

Efore Group (HEL:EFO1V)

Efore Group is an international company which develops and produces demanding power products. Efore’s head office is based in Finland and its production units are located in China and Tunisia. Sales and marketing operations are located in Europe, United States and China. In the fiscal year ending in December 2015, consolidated net sales totalled EUR 89,9 million and the Group’s personnel averaged 887 . The company’s share is quoted on the Nasdaq OMX Helsinki Ltd.

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