Correction to Fiskars’ stock exchange release issued on November 10, 2016 at 10:00 EET: Fiskars introduces new organizational structure and leadership team
Fiskars Corporation Stock Exchange Release November 10, 2016 at 13:30 EET Correction to Fiskars’ stock exchange release issued on November 10, 2016 at 10:00 EET: Fiskars introduces new organizational structure and leadership team The stock exchange release had an incorrect year regarding the restated, unaudited financial quarterly results. The correct statement is: To provide a basis for comparison, Fiskars will present restated, unaudited financial quarterly results for 2016 before the Q1 2017 interim report is published. The full release is below. Fiskars introduces new organizational structure and leadership team Fiskars plans to change its organizational structure and Group Executive Board, with the aim to leverage the full potential of its strong brands, build company-wide capabilities and increase speed and alignment. “Fiskars has changed fundamentally during the past years. Building on our strong position in the global consumer goods business today, we take a step further to increase our speed and agility, connect with the consumer and create value to our stakeholders. Based on our strategy to build global businesses and brands, we are now introducing our plan for a new organizational structure that is better aligned with the strategy and allows us to move faster”, said Kari Kauniskangas, President and CEO, Fiskars Corporation. “Fiskars’ vision is to create a positive, lasting impact on the quality of life. Our strategic priorities will guide our work as we focus on growing the core brands and products, building omni-channel capabilities with our trade partners, own retail and digital channels, building and leveraging common capabilities to benefit from our competences and key business systems, as well as developing an inspiring work environment where people perform at their best and work together towards joint targets.” Fiskars plans to shift from a region-based organization and form two strategic business units. As of January 1, 2017 Fiskars plans to have a new organizational structure, which features two Strategic Business Units (SBU): Living and Functional. SBU Living, led by Ulrik Garde Due, would consist of the Scandinavian Living business, including Iittala, Rörstrand, Royal Copenhagen and other brands as well as the English & Crystal Living business, including Waterford, Wedgwood, Royal Albert, Royal Doulton and other brands. SBU Functional, led by Kari Kauniskangas, would consist of brands including Fiskars, Gerber and Gilmour. The current Outdoor business would operate as a part of the SBU Functional. Each SBU would have accountability for the global consumer experience, including brands, product management, new product development, marketing and sales. New Leadership teams The planned organizational structure is supported by changes in Fiskars’ leadership. Effective January 1, 2017, Fiskars Executive Leadership Team, previously Executive Board, will consist of the following members: Kari Kauniskangas, President and CEO, and in his role as the President, SBU Functional Teemu Kangas-Kärki, Chief Operating Officer and Chief Financial Officer Nina Ariluoma, Senior Vice President, Human Resources Ulrik Garde Due, President, SBU Living The Executive Leadership team will be responsible for the Group’s strategy and priorities. Any changes in this team will be disclosed in a stock exchange release to the market. In addition, Fiskars will establish an Extended Leadership Team that will support the Executive Leadership Team in driving the company forward and is focused on executing Fiskars’ strategic priorities. The Extended Leadership Team will consist of the Executive Leadership Team members, and: Thomas Enckell, President, Europe Risto Gaggl, Senior Vice President, Supply Chain Alexander Giftthaler, Senior Vice President, Functional EMEA Rob Kass, President, Outdoor business Alexander Matt, Senior Vice President, Brand and Marketing Maija Taimi, Head of Communications and Corporate Responsibility Paul Tonnesen, President, Functional Americas Leni Valsta, Head of Scandinavian Living business (acting) Frans Westerlund, Chief Information Officer, Head of Business Process & IT New reporting structure Following the planned changes in the organizational structure, Fiskars plans to revise its financial reporting structure. As of Q1 2017, Fiskars’ three primary reporting segments would be: Living, Functional and Other. In addition, Fiskars would report group-level net sales for three secondary reporting segments: Americas, Europe and Asia-Pacific. Living segment offers premium and luxury products for tabletop, giftware and interior décor and consists of the English & Crystal Living and Scandinavian Living businesses. Functional segment provides tools for use in and around the house as well as outdoors, and consists of brands such as Fiskars, Gerber and Gilmour. The current Outdoor business will operate as a part of the SBU Functional. Other segment contains the Group’s investment portfolio, the real estate unit, corporate headquarters and shared services. Long-term financial targets Based on Fiskars’ strategy to build global businesses and brands, the company plans to align its organizational structure with the strategy. In connection with this, Fiskars plans to establish long-term financial targets for the group. These targets would be communicated during the Q1 2017. The long term financial targets will be shared to help shareholders, analysts, investors and other stakeholders to be informed of Fiskars’ ambitions beyond the current financial year. To provide a basis for comparison, Fiskars will present restated, unaudited financial quarterly results for 2016 before the Q1 2017 interim report is published. FISKARS CORPORATION Kari Kauniskangas President and CEO Conference call and live webcast today, November 10, 2016 A conference call and live web cast for analysts and investors will be held at 2:00 p.m. EET. The conference call will be held in English. To participate in the conference call please dial 5-10 minutes prior to the start of the conference. Questions can be asked in English after the presentation only through conference call connection. Denmark: +45 35 15 80 92 Finland: +358 (0)9 7479 0360 France: +33 (0)1 70 70 17 76 Germany: +49 (0)69 2222 10763 Norway: +47 2350 0187 Sweden: +46 (0)8 5033 6546 UK: +44 (0)20 3364 5726 USA: +1 719 325 2238 Event confirmation code: 150786 The presentation can be followed as a live webcast at http://www.goodmood.fi/webcaster/accounts/fiskars/live/ A recording of the web cast will be later available at www.fiskarsgroup.com/investors Personal details gathered during the event will not be used for any other purpose. Media and analyst contacts: Head of Corporate Communications and Corporate Responsibility Maija Taimi, tel. +358 204 39 5031, firstname.lastname@example.org Fiskars – Making the everyday extraordinary Fiskars serves consumers and customers around the world with a brand portfolio of globally recognized brands including Fiskars, Gerber, Iittala, Royal Copenhagen, Waterford, and Wedgwood. Building on our mission to create a family of iconic lifestyle brands, Fiskars’ vision is to create a positive, lasting impact on our quality of life. Please visit www.fiskarsgroup.com for more information.