Eltek reorganizes under the ELTEK brand name, Colin Howe steps up as CEO
(Thomson Reuters ONE) -
(Drammen, 9 September, 2011) The Board of Eltek has decided to reorganize the
company into a simpler operational structure under the ELTEK brand name. The
changes will effectively merge the operations in Eltek ASA and the wholly owned
subsidiary Eltek Valere. Jørgen Larsen (61) retires from his position as CEO of
Eltek ASA, and the Board has appointed CEO Colin Howe (48) in Eltek Valere as
CEO also of Eltek ASA.
-A strategic review by the Board and management have led up to a reorganization
and strengthening of the corporate branding model, both of which are natural
steps following the divestment of Nera Networks and the broadening of the core
activities into new business areas. We believe the organizational changes that
come into effect today will further streamline Eltek's operational structure,
says Erik Thorsen, Chairman of the Board in Eltek ASA.
The alignment of Eltek's branding and corporate structure to the long-term
strategic focus will be completed within the end of the year. This process will
not affect Nera Telecommunications Ltd., which is owned 50.1 percent by Eltek
and listed on Singapore Stock Exchange.
-The Board would like to thank Jørgen for his 15 years with Eltek and his
contributions as CEO through a hectic period with the buy-out of Eltek minority
shareholders, establishment of new business initiatives, the divestment of Nera
Networks, and refinancing of the Group. We are confident Colin will prove to be
a great replacement given his long tenure with Eltek and vast industry
experience, says Thorsen.
Jørgen Larsen will be available for the Board and management for a period to
work with certain corporate activities.
Colin Howe has been with Eltek in different operational and management positions
since 1989 and was appointed CEO of Eltek Valere AS in 2010.
-Eltek has a long history as an innovative leader in the power electronics
industry, and we have a very interesting platform for growth. I look forward to
take part in the shaping of our future strategic direction and to work with an
experienced team to further develop our strong position in the power electronics
business, says CEO Colin Howe.
For further information, please contact:
Erik Thorsen, Chairman of the Board, Eltek ASA, tel: +47 907 56 685
CEO Colin Howe, Eltek ASA, tel: + 44 7768 466446
CFO Pål Skistad, Eltek ASA, tel: +47 908 50 378
About Eltek
Eltek is a strategic technology partner within power solutions for the telecom
industry, for industrial applications renewable markets and E-mobility. Through
its 50.4 percent ownership in Nera Telecommunications, the company is also a
supplier of transmission systems, satellite communications and infocomm systems
in the Asia Pacific region. The Company reported revenue of NOK 4 billion in
2010, and has close to 2,700 employees in close to 40 countries. Eltek is listed
on the Oslo Stock Exchange, and has its headquarters in Drammen in Norway.
This announcement is distributed by Thomson Reuters on behalf of
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Eltek ASA via Thomson Reuters ONE
[HUG#1545267]
Unternehmensinformation / Kurzprofil:
Datum: 09.09.2011 - 07:51 Uhr
Sprache: Deutsch
News-ID 63921
Anzahl Zeichen: 3842
contact information:
Town:
Drammen
Kategorie:
Business News
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