MIKA IHAMUOTILA BECOMES PRESIDENT AND CEO AS WELL AS PRINCIPAL SHAREHOLDER OF MARIMEKKO
The Board of Directors of Marimekko Corporation has today elected Mr Mika Ihamuotila, PhD (Econ), 43, as President and CEO of the company as of February 1, 2008. However, he will promptly start to prepare the future development of the company.
Kirsti Paakkanen and Mika Ihamuotila have also informed the Board of a major change in ownership of Marimekko. Workidea Oy, which is the largest shareholder of Marimekko and a holding company owned by Kirsti Paakkanen, will today sell 804,000 shares in Marimekko (10,00% of outstanding shares) to Muotitila Ltd, a holding company owned by Mika Ihamuotila. In addition, Workidea has committed to sell the rest of its shares (another 804,000 shares) to Muotitila Ltd. Muotitila has the right to acquire these shares at its choice before the end of the year 2008. However, the voting rights of all shares (20,00% of outstanding shares) will be transferred to Muotitila already today in all ordinary issues which are specified as belonging to the shareholders’ meeting.
This is major news as Marimekko has seen tremendous growth under Kirsti Paakkanen’s leadership.
The complete press release can be found here.
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