Ekornes QM Holding Group – Restructuring of Executive Management Team

06 May 2024 08:30 CEST

Ekornes, the largest furniture producer in Norway and owner of the brand names
Ekornes®, Stressless®, Svane®, and IMG, has decided to streamline the Executive
Management Team to increase the pace of change, strengthen the strategic focus,
and achieve quicker decision-making.

The number of individuals in the Executive Management Team will be reduced from
12 to 6 as part of creating an even more agile and flexible brand company.

Ekornes is a global player in a market with strong competition, and it is
crucial that all parts of the business have full focus on Ekornes remaining the
furniture favorite for our customers and retail partners.

"To ensure that Ekornes will be a company with world-class competitiveness in
all important areas, we must ensure agility, decision-making power and execution
capabilities across all parts of our great business. This is also applicable for
the management team, where we are now creating a unit with greater agility and
efficiency, and thus enabling increased strategic focus on the core of our
business", says Hammernes Leopold.

In order to stimulate the pace of development and increase efficiency, Ekornes
has over time implemented a number of measures to optimize operations and
streamline the organization. Through strong brands, innovative product
development, optimized organization and efficient production, Ekornes is well
positioned to maintain a solid market position and at the same time build a good
platform for long-term profitable growth.

The new management team will be effective from September 1st, and the new roles
related to the restructuring will be filled by either current or new colleagues.
Over the coming months, work to evaluate other potential adjustments to the rest
of the organization will be initiated.

For more information, please contact:
Tine Hammernes Leopold, CEO Ekornes AS
e-mail: tine.hammernes.leopold@ekornes.com
Tel: +47 920 11 432

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. Norwegian
ultimate parent company Ekornes QM Holding AS is a subsidiary of Qumei Home
Furnishings Group. Qumei Group owns 94,12% of the shares in Qumei Runto S.à.r.l
and Hillhouse investment owns 5,88% of the shares in Qumei Runto S.à.r.l.

Qumei Runto S.à.r.l. owns 100% of the shares in Ekornes QM Holding 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 eight
factories, five of which are in Norway, one in the USA, one in Thailand and one
in Lithuania. Ekornes sells its products over large parts of the world, either
through its own sales companies or via importers.

More information:
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