Ekornes QM Holding Group – Ekornes AS announces CEO leadership transition

23 Nov 2022 08:00 CET

Ekornes AS today announced that Roger Lunde has stepped down as CEO. The Board
of Directors has appointed Fredrik Ødegård Nilsen, Ekornes‘ current CFO, as
interim CEO and have initiated a process to identify the Company's next CEO.

"On behalf of the Board and everyone at Ekornes, I want to thank Roger Lunde for
his strong efforts and dedication to Ekornes and all of its stakeholders. Since
Roger took over leadership in February 2020, he has led Ekornes through an
extraordinary period marked by macroeconomic uncertainties and rapidly shifting
market conditions. During this period, Ekornes has achieved profitable growth by
consistently delivering on strategic priorities, focusing on innovation, supply
chain management and optimization of operations across segments and markets”
said Ruihai Zhao, Chair of the Board. “Under Roger’s leadership, Ekornes has
handled the pandemic and market dynamics effectively. Delivering on its
long-term strategy, the company today has a solid financial position and is well
prepared to adapt to the evolving market conditions”

"I am very proud of our accomplishments at Ekornes over the past years, and how
we have made the group develop, improve and grow," said Roger Lunde. "I am also
proud of the team and how we have successfully steered through turbulent times.
Our continuing record results demonstrate the strength of our long-term
strategy, and I am confident that Fredrik and the new permanent CEO will be
successful in leading Ekornes’ next phase of profitable growth."

Fredrik Ødegård Nilsen will become interim CEO effective immediately, while
Roger Lunde will be available for the company in a period to ensure a sound
transition.

For further information, please contact:
Fredrik Ødegård Nilsen, CFO and interim CEO:
e-mail: fredrik.odegard.nilsen@ekornes.com
Phone: +47 480 90 096

About Ekornes QM Holding Group
Ekornes QM Holding AS was founded 4 January 2018 with the purpose of acquiring
the Ekornes Group. In May 2018, an offer was made to purchase the shares of all
Ekornes shareholders. The share purchase was completed in August 2018 and the
Group was delisted from the Oslo Stock Exchange in October 2018. The Norwegian
ultimate parent company Ekornes QM Holding AS is a wholly owned subsidiary of
Qumei Home Furnishing Group. Ekornes QM Holding AS owns 100% of the shares in
Ekornes AS.

The Ekornes Group is the only operational part of the Ekornes QM Holding Group.
Ekornes is the largest furniture producer in Norway and owns the brand names
Ekornes®, Stressless®, Svane® and IMG. Stressless® is one of the world’s most
well-known furniture brands. Production takes place at the Group’s ten
factories, five of which are in Norway, one in the USA, one in Thailand, one in
Lithuania and two in Vietnam. Ekornes sells its products over large parts of the
world, either through its own sales companies or via importers.

The Ekornes Group is the only operational part of the Ekornes QM Holding Group.
Ekornes is the largest furniture producer in Norway and owns the brand names
Ekornes®, Stressless®, Svane® and IMG. Stressless® is one of the world’s most
well-known furniture brands. Production takes place at the Group’s ten
factories, five of which are in Norway, one in the USA, one in Thailand, one in
Lithuania and two in Vietnam. Ekornes sells its products over large parts of the
world, either through its own sales companies or via importers.

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