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02/01/2018 - Leadership Change at SEVES Group

February 1st - Luxembourg -The Board of Directors (“BOD”) of SEVES Group announced today that Peter Baumgartner has stepped down, as planned, from his current role as SEVES Group CEO. This was the final step of his organizational development plan, presented to the BOD a year ago. Due to the successful implementation of this plan, SEVES’s two divisions have been significantly strengthened. Therefore, the position of the SEVES Group CEO will not be replaced. Jean Nakache in his function as CEO of SEDIVER Division and Erik Göthlin as the CEO of the PPC Division together with Corrado Piroli the SEVES Group CFO will form an Executive Committee and directly report to the BOD. Peter will continue to work as a Senior Advisor in supporting the BOD of SEVES Group and the General Managers of SEDIVER and PPC with the further development of the strategy and the compliance management system.

Joakim Olsson, Chairman of the BOD, commented: “We would like to thank Peter for his strong leadership as CEO for the SEVES Group since the acquisition by Triton in 2014. He has successfully lead the restructuring and the complexity reduction of the group and with the recent sale of the Glass Block we can go into a new phase in the development of the Group. We now have two divisions, SEDIVER and PPC, with independent strong management teams and clear plans for their future. We are looking forward to continue to work with Peter on the strategic development of our business in his new role as Senior Advisor.”

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