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Metro International S.A. is a Luxembourg limited-liability company
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PELLE TÖRNBERG TO STEP DOWN AS PRESIDENT AND CEO OF METRO INTERNATIONAL IN 2007
13 February 2007
Metro International S.A. ("Metro International"), the international newspaper group, today announced that Pelle Törnberg, its President and CEO, has decided to step down in 2007. Pelle has been the CEO of Metro International since it was listed in 2000 and has worked with the Metro newspaper since it was founded in 1995.
Under Pelle's leadership Metro has invented and dominated the free newspaper industry. Metro has also become the largest international newspaper in the world with a commercial reach of 22.8 million daily readers, with profitable editions in all major regions of the globe. Pelle Tornberg will resign in 2007 and is expected to leave his position by the end of the summer 2007 when a new President and CEO has been recruited.
Pelle Törnberg, President and CEO of Metro International, commented: "I have worked with Metro from its start in Stockholm in 1995 to launching c. 70 editions in 100 major cities in 20 countries in Europe, North & South America and Asia. It has been a truly amazing journey both for the company and for me personally."
"I joined the Kinnevik group's media business in 1987 and have over the years enjoyed the privilege of being part of the successful launch of a number of new media companies, many of which have become leaders in their respective markets. With Metro International now being profitable, Metro awarded "the world's largest global newspaper" accolade and with global leadership in one of the most exiting and fastest growing segments of the media industry and after almost 20 years of entrepreneurship within the same group, this is a good opportunity for me to hand over the daily leadership of Metro International. I look forward to continuing to work with the Kinnevik group in non-executive positions in the future."
Dennis Malamatinas, Chairman of the Board of Directors of Metro International, commented: "It is difficult to thank Pelle enough for his contributions to Metro International as well as the growth of free newspapers around the world. Pelle has been instrumental in what has been a unique global media story of creating the largest international newspaper in the world in 10 years. Pelle has within Kinnevik established and listed two profitable and successful media groups (MTG and Metro) during his twenty years with the group. It's an outstanding entrepreneurial achievement. We will continue to grow Metro as a profitable and successful business and create long term value to shareholders and the society at large."
"The work to recruit a new President and CEO starts today. Further announcements on this process will be communicated in due course."
NOTE TO EDITORS
Investment AB Kinnevik and Emesco AB will propose to the Nomination Committees of Tele2 AB and Modern Times Group MTG AB the election of Pelle Törnberg as a non-executive Director at their respective forthcoming Annual General Meetings.