Kinnevik today announced that Mia Brunell Livfors has informed the Board of Directors of her intention to step down as President and CEO of Kinnevik. Mia will remain in her role until a successor has been appointed.
A search process for Mia Brunell Livfors successor will be initiated by the Board and led by Kinnevik's Deputy Chairman, Dame Amelia Fawcett.
Mia Brunell Livfors joined the Kinnevik Group in 1992 and was appointed CFO of the associated company Modern Times Group, MTG, in 2001. On August 1, 2006, she became President and CEO of Kinnevik, where she has played a key role in the refocusing of the group and in the development of a number of its key growth initiatives.
"The Board of Directors would like to express its deepest gratitude to Mia for her outstanding contribution to Kinnevik for more than 20 years. Mia was involved in building MTG and has been instrumental in the development of Kinnevik over the last eight years. She has laid the foundations for Kinnevik's next phase of transformation", says Cristina Stenbeck, Executive Chairman of the Board of Directors of Kinnevik.
Whilst stepping down from the role of Kinnevik CEO, Mia Brunell Livfors will continue to be involved with the Kinnevik Group. The Kinnevik Board will propose to the respective nomination committees that she continue to serve as a Director of CDON Group, MTG, Millicom, Tele2 and to be appointed to the Board of Transcom. In addition Mia will serve as Chairman of Reach for Change, the Groups non profit organization.
"Being part of the Kinnevik group for over 20 years has been a fantastic journey. The Group is now focused on its core sectors, has a solid footprint across the five continents and has a significant net cash position. I feel now is the right time to look for my next challenge. It has been a great privilege to work with so many talented people and I look forward to continuing to contribute to Kinnevik's success through Board work", says Mia Brunell Livfors.
Mia Brunell Livfors will stay in the position as President and CEO of Kinnevik until a replacement has been appointed.
The information is of such character, which Kinnevik shall disclose in accordance with the law on Trading with Financial Instruments (1991:980) and/or the Securities Market Act (2007:528). The information was distributed for disclosure at 8.00 a.m. on 22 January 2014.
For further information, visit www.kinnevik.se or contact:
|Torun Litzén, Director Investor Relations||+46 (0)8 562 000 83|
|Cristina Stenbeck, Chairman|
|Mia Brunell Livfors, President and CEO|
Investment AB Kinnevik was founded in 1936 and thus embodies seventy-five years of entrepreneurship under the same group of principal owners. Kinnevik's objective is to increase shareholder value, primarily through net asset value growth. The company's holdings of growth companies are focused around the following business sectors; Telecom & Financial services, Online, Media and Industry and other investments. Kinnevik has a long history of investing in emerging markets which has resulted in a considerable exposure to consumer sectors in these markets. Kinnevik plays an active role on the Boards of its holdings.
The Kinnevik's class A and class B shares are admitted to trading on the NASDAQ OMX Stockholm's list for large cap companies, within the financial and real estate sector. The ticker codes are KINV A and KINV B.