Eero Heliövaara, President and CEO of SRV has resigned from his post. Senior
Executive Vice President, CFO Hannu Linnoinen has been appointed as acting CEO.
The process to select the new CEO has started.
”SRV is a fine company and it is in good shape. The company has sound financial
situation and it has kept its competitiveness in all business cycles. The unique
SRV Approach makes the company's strategic foundation. Things that we agreed
upon four years ago have been executed, says the resigning CEO Eero Heliövaara.
”During Heliövaara's time, the company was listed in the Helsinki Stock Exchange
and its management systems were brought to a level of listed companies. SRV has
been systematically developed and the company has been able to maintain its
competitiveness in a difficult market situation”, says Ilpo Kokkila, Chairman of
SRV's Board of Directors and majority share holder.
”SRV encompasses excellent expertise and recourses, and the change of CEO, as
such, does not affect the operations in the short term. The company has a
strong position and we will further strengthen it by increasing resources in the
Russian market, in particular. The resignation is regrettable, but a change is
always also a big possibility”, Ilpo Kokkila says.
Eero Heliövaara is a significant shareholder in the listed company SRV Group
Plc. The shares owned by Heliövaara will be redeemed at the beginning of next
year according to the CEO's share ownership agreement for their net asset value
(EUR 4.45). According to the agreement, the redeemer can be SRV Group Plc or a
party designated by it.
SRV Group Plc
Board of Directors
Further information:
Ilpo Kokkila, Chairman of the Board, tel. +358 20 145 5202
Ditstibution:
Nasdaq OMX Helsinki
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