After nine years at the helm of European kitchen furniture manufacturer Nobia, Morten Falkenberg has stepped down and will be succeeded by Joe Sintorn on September 1, 2019.
Sintorn joins the company from Permobil, where he was employed as president and CEO.
He has entered an agreement with Nobia’s largest owner Nordstjernan to acquire 1.5million call options at a market price of around SEK7million.
Falkenberg, who is a board member of the companies Velux Group and Fagerhult, will transition into new roles, including industrial adviser for Nordstjernan.
Outgoing CEO Falkenberg said: “I am very pleased to have had the opportunity to lead Nobia for nearly a decade, with the improved results I have been able to achieve together with all of Nobia’s employees.
“Nobia is a stronger company today with better margins, a simplified structure and a business that is once again delivering annual dividends to its shareholders. It feels like the right time to step down.”
Chairman of the board of Nobia Hans Eckerström commented: “Morten Falkenberg has successfully led Nobia.
“He has guided the company very well through the financial crisis, made several bolt-on acquisitions and simplified the company’s structure.
“Nobia is now able to better leverage its strong market position, the company’s economies of scale and its increasingly streamlined production.
“As the chairman of the board, I would like to express the gratitude we all feel for Morten’s valuable contribution as CEO.”
Speaking about his new position, Joe Sintorn said: “I am very impressed by Nobia’s strong brand and the position the company holds throughout the value chain.
“Given my previous experience, I look forward with great enthusiasm and humility to the challenge of working with a company that delivers products and services to both companies and consumers.
“Together with the employees, I see great potential to develop the company by making use of new channels to the market and by continuing to improve the production structure and, not least, by capitalising on the new opportunities that digitisation presents.”
Hans Eckerström added: “It is incredibly satisfying and stimulating that the Board of Directors has been able to recruit a top talent like Jon Sintorn to take over at Nobia.
Jon Sintorn’s track record of value creation is impressive to say the least and, combined with his leadership capabilities, I am very confident that he is the right person to take the company to the next level and into the future.”
At the beginning of the year, Nobia reported UK sales were being hampered by Brexit.