Magnus Welander new president and CEO at Thule

Malmö - Magnus Welander has been appointed new President and CEO of Thule, the world leader within Sports and Utility Transportation. Since 2006 he has successfully led the company’s largest business and improved profitability and market position. The company’s current CEO, Anders Pettersson, resigns after eight years in office as CEO but remain as a member of the Board.

“Results-wise 2009 was an exceptionally good year for Thule, despite the economic crisis and tough economic climate. Anders has done a fantastic job with Thule, and it reassures us to use his skills and energy for the Board in the future. Magnus Welander’s operational excellence will be a great asset to Thule to increase growth and profitability further" said Chairman Roger Holtback.

“Thule is a great company with fun products, a very strong brand and a strong global position. But the company still has big improvement potentials, particularly in how we work with our sales channels in order to reach our consumers. The combination makes it an exciting challenge" said Magnus Welander.

Magnus Welander is currently President of the company’s largest unit, Vehicle Accessories Europe/Asia, with a turnover of over 2 billion SEK. The business area has under his leadership undergone a major transformation and significantly improved profitability through a sharpened product portfolio, increased delivery precision and a new sales and marketing strategy. He will now use this experience throughout the group.

"It will be a demanding job but also a very fun task to create an even better Thule. Our overall strategy remains the same and we have every chance to grow in the coming years by positioning ourselves more within our core business – lifestyle products – making it easy for consumers to take everything they need to enjoy their journey with them,” said Magnus Welander.

Anders Pettersson has been in Thule for eight years and has recently, together with the Board prepared Magnus to take over the role as CEO. “I have for some time now made it clear that I want new challenges. The Board and I fully agree that Magnus during the last three years has demonstrated in a brilliant way that he is the right man for the job,” said Anders Pettersson. ’

Magnus Welander enters his new role April 1, 2010