Husqvarna this week announced that its board of directors and former CEO and president Magnus Yngen agreed that the company is better served by a new CEO and president following Yngen´s leave of absence. Consequently, the board of directors has given notice to terminate Yngen’s contract and he has announced his resignation as a member of the board.
According to the employment contract, Yngen has a notice period for termination of 12 months on the part of the company. He is also entitled to severance pay, corresponding to 12 monthly base salaries with deduction for any other income.
The search for a new CEO and president has been initiated and will cover both internal and external candidates.
On June 9, Hans Linnarson was appointed acting CEO and president. Linnarson remains in these positions until a new CEO and president has been appointed. Linnarson is executive vice president, head of sales Europe & Asia/Pacific since 2006 and will remain in this position as well.
“We thank Magnus Yngen for his important contribution to Husqvarna and wish him good luck in his future endeavours,” said Lars Westerberg, chairman of the board. “The search process is initiated and in the mean time we are very pleased that Hans Linnarson remains acting CEO.”
