Sweden's Setra to elect new chairman at extraordinary general meeting on Nov. 27 as current chairman Håkan Ahlqvist steps down after four years

SOLNA, Sweden , November 12, 2012 (press release) – Håkan Ahlqvist, Chairman of Setra’s Board since the 2009 AGM, is standing down. A new chairman will be elected at an extraordinary general meeting to be held on 27 November.

Håkan Ahlqvist comments: After almost four years as Setra’s Chairman the time is now right to hand over to someone new. The industry is facing a turbulent period and Setra needs to further review its strategic direction.

“It has been stimulating, together with former CEO Börje Bengtsson, to carry out major efficiency improvement programmes and a decentralisation of operations. With the recruitment of Setra’s new CEO, Johan Padel, it feels natural to hand over the chairmanship to someone who can remain involved for several years,” Ahlqvist continues.

Setra’s two principal owners are Sveaskog (50.0%) and Mellanskog (49.5%). Some 1,500 minor shareholders together own 0.5% of the shares in the company.

Göran Persson, Chairman of Sveaskog, comments: “Håkan Ahlqvist took on the job of pushing through a restart of Setra after the previous sawmill crisis in 2008/2009. The company has clearly improved its position in the industry and has a management with the right focus. The next few years will involve taking further steps towards a sustainable Setra.”

Börje Lagerquist, Chairman of Mellanskog, comments: “Setra’s development is important for Mellanskog and our forest-owning members. Håkan Ahlqvist has in a professional manner always focused on the company’s best interests which is also reflected in Setra’s earnings and market position.

An Extraordinary General Meeting of Setra Group AB will be held on 27 November. The Nomination Committee proposes that Michael Bertorp be elected as the new Chairman.

Additional information:

Information about Setra’s Extraordinary General Meeting is available at http://www.setragroup.com/stamma

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