Georg Brunstam appointed president and CEO of Hexpol

Hexpol AB (publ) has appointed Georg Brunstam as president and CEO of Hexpol AB (publ) effective 20 November 2020. Georg Brunstam is currently chairman of the Board for Hexpol AB (publ) and had previously been President and CEO for Hexpol AB (publ) 2007-2017.

“During the last two quarters I have, as a daily involved Chairman of the Board, together with our interim CEO and the whole management team worked intensively to implement major changes and improvements within the Hexpol Group. The changes give a better customer focus and a significantly lower cost level, and in addition, the long-term strategy has been strengthened. I am very inspired to continue this work, as president and CEO, during a long time ahead. During the spring, I will also reduce the number of external board assignments significantly”, Georg Brunstam commented.

The Board has also decided to appoint Peter Rosén, currently CFO and interim CEO, to deputy CEO. “The Board is very satisfied that Georg and Peter, now on a permanent basis, will continue the work to further improve the development of Hexpol in the short and long term” said Alf Göransson who has been on the board of HEXPOL since 2007 and who has been proposed as chairman of the board by the Nomination Committee.

Earlier in October, Hexpol said it expects to report adjusted operating profit for the third of quarter 2020 to be “well above market expectations” while sales are estimated to be in line with expectations.

The adjusted operating profit for third quarter 2020 is expected to be in the range of 560 and 590 million Swedish krone (compared with expectations of 583 million krone) affected by higher volumes compared to the previous quarter combined with substantially lower costs. There are no benefits related to Covid-19 Swedish government grants recorded in this result.

The news followed the completion of the company’s acquisition of MESGO Group in August. On 6 August, Hexpol confirmed that, in line with its 2018 announcement of the acquisition of MESGO Group, Hexpol has exercised its option to purchase the remaining 20 per cent of MESGO Group. According to the company, the 39,8 million euro transaction will have “minimal effect on the profit and loss and balance sheet of Hexpol.”