CEO Örjan Grinndal and executive VP Marika Philipson decide to leave; Göran E Larsson named acting CEO, Hans Runesten named acting EVP

August 9, 2002

1 Min Read

STOCKHOLM -- Örjan Grinndal has decided to leave his post as CEO of Effnet Group AB. Effnet board member Göran E Larsson will be appointed acting CEO. Executive Vice President Marika Philipson has also chosen to leave the company. Hans Runesten, also an Effnet board member, will be appointed acting Executive Vice President. Both will assume their positions on August 15."Effnet's current management has done an excellent job with the focusing of business operations, market-orienting of the organization, as well as cost cutting. The board regrets Örjan's decision to leave the company," comments Magnus Ryde, chairman of Effnet Group AB."As a board member I have, over the past year, followed how the company has struggled for its commercial breakthrough in an exceptionally trying market," comments Göran E Larsson. "The market situation for Effnet will, of course, continue to be tough. However, one should bear in mind that Effnet has a unique position as the only independent commercial source of the necessary compression software for the next generation of mobile networks. For our customers in infrastructure and terminals, Effnet's products will therefore be necessary down the line," continued the CEO-elect.Örjan Grinndal and Marika Philipson will remain at the company to secure the transition. Grinndal and Philipson will then serve as advisers to Effnet's board and new management until the end of the year.Effnet Group AB

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