Marimekko Corporation, Stock Exchange Release, 12 February 2015 at 8.30
TIINA ALAHUHTA-KASKO IS APPOINTED AS PRESIDENT OF MARIMEKKO – MIKA IHAMUOTILA CONTINUES AS CEO AND IS AVAILABLE FOR ELECTION AS CHAIRMAN OF THE BOARD
Mr Pekka Lundmark, the Chairman of the Board of Directors of Marimekko Corporation since 2008, has informed the company that he will no longer be available for re-election in Marimekko’s Board at the Annual General Meeting of Shareholders to be held on 9 April 2015. In connection with this, Mr Mika Ihamuotila, the current President and CEO and Vice Chairman of the Board, has announced that he will be available for election as the Chairman of the Board and that he will step down from his position as the President of Marimekko.
On 11 February 2015, the Board of Directors of Marimekko resolved to appoint Ms Tiina Alahuhta-Kasko (b. 1981) as the new President of Marimekko. She has acted as the Chief Operating Officer (COO) of Marimekko since 2014 and has also since 2011 held the position of Chief Marketing Officer (CMO) and been a member of Marimekko’s Management Group. Tiina Alahuhta-Kasko, M. Sc. (Econ.), CEMS MIM, joined Marimekko in 2005. Following her new appointment, the tasks of COO will be included in the duties of the President and hence a new COO will not be appointed. The company has commenced a process to recruit a Marketing Director.
The Board of Directors of Marimekko simultaneously decided on a full-time executive service agreement with Mika Ihamuotila regarding his role as CEO. His duties will include, e.g., responsibility for the development of Marimekko’s strategy and its implementation together with the President and the Management Group, as well as an active senior role in managing the company’s financial affairs and stakeholder relations. Furthermore, Mika Ihamuotila will have a senior role in developing leadership within the Marimekko Group. Ihamuotila’s executive agreement or his duties thereunder are not dependent on his position as a member or Chairman of Marimekko’s Board of Directors.
Both appointments will enter into force on 9 April 2015 as of the close of the Annual General Meeting of Shareholders. In the event that Mika Ihamuotila is also elected the Chairman of the Board of Directors, his title and position will be Chairman and CEO.
Tiina Alahuhta-Kasko, as President, will act as the chairman of Marimekko’s Management Group as of 9 April 2015. The responsibilities of the members of the Management Group will otherwise remain unchanged. To discuss significant strategic matters, the Management Group will convene under the chairmanship of the CEO at regular intervals .
As part of revising Marimekko’s governance structure, the Board of Directors has resolved that an Audit and Remuneration Committee will be established. All members of the committee will be independent of Marimekko and its major shareholders. The first Audit and Remuneration Committee will be elected from among its members by the new Board of Directors elected by the Annual General Meeting of Shareholders to be held on 9 April 2015. In addition to tasks typically assigned to audit and remuneration committees and supervision, the Audit and Remuneration Committee will handle and prepare matters relating to the terms and remuneration of Marimekko’s executive management.
”As her immediate superior, I have had the pleasure of following and supporting the development of Tiina Alahuhta-Kasko as a Marimekko executive during the past seven years. I am delighted that our new President comes from within the company. In my view, Tiina Alahuhta-Kasko is a truly exceptional person and leader: insightful, efficient, inspiring and fair-minded. I myself am committed to continuing my work at Marimekko as a shareholder and in my new capacity and, together with Tiina Alahuhta-Kasko, to making Marimekko into an even more attractive, international and profitable design company,” says Mika Ihamuotila.
"In my various roles over the last nearly ten years, I have had the chance to see the opportunities for Marimekko around the world, from Asia to Australia and North America. I would like to thank Mika Ihamuotila and Marimekko's Board of Directors for the confidence they have placed in me; I cannot think of a more inspiring challenge than taking Marimekko forward together with our amazing staff. Our joint objective is to offer our customers even more interesting products and experiences, and increase our profitability while gaining a stronger foothold in the global market," says Tiina Alahuhta-Kasko.
Further information
Please address requests for interviews to Annikka Itkonen, Communications Manager, tel. +358 9 758 7220, annikka.itkonen@marimekko.com
Photos: http://mediabank.marimekko.fi/?cart=8949-bghmhidmcl&l=EN
MARIMEKKO CORPORATION
Board of Directors
DISTRIBUTION:
NASDAQ OMX Helsinki Ltd
Key media
Marimekko is a Finnish design company renowned for its original prints and colours. The company’s product portfolio includes high-quality clothing, bags and accessories as well as home décor items ranging from textiles to tableware. When Marimekko was founded in 1951, its unparalleled printed fabrics gave it a strong and unique identity. Marimekko products are sold in about 40 countries. In 2014, brand sales of the products worldwide amounted to EUR 187 million and the company's net sales were EUR 94 million. More than 140 Marimekko stores serve customers around the globe. The key markets are Northern Europe, North America and the Asia-Pacific region. The Group employs about 500 people. The company’s share is quoted on NASDAQ OMX Helsinki Ltd. www.marimekko.com
