Husqvarna CEO Is Out

The Board of Directors has given notice to terminate Magnus Yngen's contract; Yngen has also resigned from his position as a member of the Board.

The Board of Directors and Magnus Yngen have agreed that Husqvarna is better served by a new CEO and president following Magnus Yngen's leave of absence. Consequently the Board of Directors have given notice to terminate Magnus Yngen's contract. Magnus Yngen has also resigned from his position as a member of the Board.

According to the employment contract, Magnus Yngen has a notice period for termination of 12 months on the part of the company. He is also entitled to severance pay, corresponding to 12 monthly base salaries with deduction for any other income.

The search for a new CEO and president has been initiated and will cover both internal and external candidates.

On June 9 Hans Linnarson was appointed acting CEO and president. Linnarson remains in these positions until a new CEO and president has been appointed. Linnarson is executive vice president, head of sales Europe & Asia/Pacific since 2006 and will remain in this position as well.

"We thank Magnus Yngen for his important contribution to Husqvarna and wish him good luck in his future endeavours. The search process is initiated and in the mean time we are very pleased that Hans Linnarson remains acting CEO," says Lars Westerberg, chairman of the Board.

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