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    TIK1V   FI4000008719

TIKKURILA OYJ

(TIK1V)
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Tikkurila Oyj : CEO Elisa Markula to step down following closing of PPG's tender offer

06/13/2021 | 11:01am EDT

Tikkurila Oyj
Change in board/management/auditors
June 13, 2021 at 6.00 p.m. EEST

Upon completion of PPG's tender offer for all of the shares of Tikkurila, Elisa Markula, chief executive officer (CEO) of Tikkurila, has notified Tikkurila of her decision to resign to take a CEO position at another company in another industry sector. Markula's resignation will be effective upon a date to be announced as she will remain with Tikkurila until then to help ensure a smooth transition. Markula has served as CEO of Tikkurila since April 2018.  

"I would like to thank Elisa for her very successful work during the past years in Tikkurila. Under her leadership, Tikkurila has decisively executed a strategic action plan for efficiency and growth. We appreciate her contribution and strong leadership in the company," said Jari Paasikivi, chairman of the board of Tikkurila Oyj since 2010.

"When I started in Tikkurila in April 2018, we initiated a company-wide transformation process for Tikkurila. Implementing the transformation process delivered concrete results. I would sincerely like to thank Tikkurila's Board of Directors for their trust, management and entire personnel for excellent cooperation and commitment to the best interest of the company and its customers. The decision to leave was not easy. I am confident that Tikkurila will have a bright future under the leadership of PPG," said Elisa Markula.

PPG Finland Oy, a wholly owned subsidiary of PPG, currently holds 97.1 percent of all the shares and voting rights in Tikkurila. PPG Finland's right and obligation to redeem the minority shares of Tikkurila will be registered to the Finnish trade register on or about June 14, 2021. Upon such registration, the term of office will start for the board of directors elected conditionally at the Annual General Meeting of Tikkurila held on June 11, 2021.

Tikkurila Oyj
Board of Directors

Additional information:
Jari Paasikivi
Chairman of the Board, Tikkurila

All contacts via Tikkurila Communications
+358 40 535 8989
Communications.tikkurila@tikkurila.com

Sustainable Nordicness
Tikkurila is a leading Nordic paint company with expertise that spans decades. We develop premium products and services that provide our customers with quality that will stand the test of time and weather. We operate in seven countries and our 2,400 dedicated professionals share the joy of building a vivid future through surfaces that make a difference. In 2020, our revenue totaled EUR 582 million. The company is listed on Nasdaq Helsinki. Nordic quality from start to finish since 1862.

www.tikkurilagroup.com

https://news.cision.com/tikkurila/r/tikkurila-ceo-elisa-markula-to-step-down-following-closing-of-ppg-s-tender-offer,c3366125

(c) 2021 Cision. All rights reserved., source Press Releases - English

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Financials
Sales 2021 594 M 697 M 697 M
Net income 2021 - - -
Net Debt 2021 - - -
P/E ratio 2021 -
Yield 2021 -
Capitalization 1 500 M 1 760 M 1 758 M
Capi. / Sales 2021 2,52x
Capi. / Sales 2022 -
Nbr of Employees 2 615
Free-Float 1,17%
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Markus Melkko Chief Executive & Financial Officer
Michael H. McGarry Chairman
Fredrik Linde Senior Vice President-Operations
Timothy M. Knavish Director
Laura Alvarez Director
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