Lorenzo Grabau appointed CEO of Kinnevik
Investment AB Kinnevik today announces that it has appointed Lorenzo Grabau as Chief Executive Officer with effect from May 1, 2014. Lorenzo Grabau succeeds Mia Brunell Livfors, who notified the Board of Directors in January of her intention to step down as CEO.
Over the last two and a half months, a committee of the Kinnevik Board, led by its Deputy Chairman Dame Amelia Fawcett, has conducted a broad search to identify Kinnevik's next CEO. The search has involved a thorough evaluation of both internal and external candidates. The committee has concluded its work by recommending to Kinnevik's Board the appointment of Lorenzo Grabau as the next Chief Executive Officer.
Lorenzo Grabau is currently a member of the Boards of Directors of Kinnevik and of several of its investee companies including Millicom International Cellular SA, Zalando AG, Modern Times Group AB and CTC Media Inc. Lorenzo Grabau joined the Board of MTG AB in May 2011 when he retired from Goldman Sachs. In May 2013, he also joined the Boards of Kinnevik and Millicom, and became co-Chairman of CTC. In December 2013, he joined the Board of Zalando. From 1994 to 2011, Lorenzo worked in the Investment Banking division of Goldman Sachs where he became a Partner in 2006. During his 17 years at Goldman Sachs, Lorenzo held various leadership positions within the Media/Online and Consumer/Retail industry practices.
"Kinnevik is an extraordinary Swedish global success story which combines the long-term vision of the Stenbeck, Klingspor and Von Horn families with the entrepreneurship and nimbleness of its management team. We have a unique opportunity to leverage our technology and growth markets' investing experience to create the pre-eminent, international, consumer-focused digital services investment company. I am excited at the prospect of working with our talented teams in Stockholm and London, and with our experienced Board of Directors to continue delivering attractive returns to shareholders", says Lorenzo Grabau.
"Kinnevik today has three strong pillars: the established listed core holdings, the investment in Rocket Internet, and a number of direct investments in promising online businesses. Lorenzo is the perfect choice to take on the CEO role at Kinnevik as we strengthen our position as a best in class, value added investor that can drive industry consolidation in mature businesses and support new founder-led digital growth companies. I have worked with Lorenzo for the last three years, first within the MTG Board and more recently at Kinnevik and Zalando. Lorenzo has the right skill set, a deep understanding of Kinnevik's investee companies, and the values and business culture required to make us effective across the multiple industries and geographies in which we operate", says Cristina Stenbeck, Executive Chairman of Kinnevik.
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 7 April 2014.
For further information, visitwww.kinnevik.se or contact:
|Cristina Stenbeck, Executive Chairman
|Phone +46 (0)8 562 000 00
|Torun Litzén, Director, Investor Relations
|Phone +46 (0)8 562 000 83
|Mobile +46 (0)70 762 00 83
Investment AB Kinnevik is a leading, long-term oriented, investment company based in Sweden. Kinnevik primarily invests in consumer centric businesses that provide innovative and value-added technology-enabled services. Our main areas of focus are the Communications, e-Commerce, Entertainment and Financial Services sectors. We own significant stakes in over 50 companies that operate in more than 80 countries across five continents, with a particular emphasis on growth markets. The Kinnevik Group employs more than 90 000 people around the world.
Kinnevik actively supports the companies in which it invests and plays an influential role on their respective Boards. Kinnevik was founded in 1936 by three Swedish families who continue to play a leadership role in the ownership of the Company and in the pursuit of its entrepreneurial ventures.
Kinnevik's shares are listed on Nasdaq OMX Stockholm's list for large cap companies under the ticker codes KINV A and KINV B.Press release
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Kinnevik via Globenewswire