Eltek reorganizes under the ELTEK brand name, Colin Howe steps up as CEO

The Board of Eltek has decided to reorganize the company into a simpler operational structure under the ELTEK brand name.

Drammen,--- The changes will effectively merge the operations in Eltek ASA and the wholly owned subsidiary Eltek Valere. Jørgen Larsen (61) retires from his position as CEO of Eltek ASA, and the Board has appointed CEO Colin Howe (48) in Eltek Valere as CEO also of Eltek ASA.

-A strategic review by the Board and management have led up to a reorganization and strengthening of the corporate branding model, both of which are natural steps following the divestment of Nera Networks and the broadening of the core activities into new business areas. We believe the organizational changes that come into effect today will further streamline Eltek’s operational structure, says Erik Thorsen, Chairman of the Board in Eltek ASA.

The alignment of Eltek’s branding and corporate structure to the long-term strategic focus will be completed within the end of the year. This process will not affect Nera Telecommunications Ltd., which is owned 50.1 percent by Eltek and listed on Singapore Stock Exchange.

-The Board would like to thank Jørgen for his 15 years with Eltek and his contributions as CEO through a hectic period with the buy-out of Eltek minority shareholders, establishment of new business initiatives, the divestment of Nera Networks, and refinancing of the Group. We are confident Colin will prove to be a great replacement given his long tenure with Eltek and vast industry experience, says Thorsen.

Jørgen Larsen will be available for the Board and management for a period to work with certain corporate activities.

Colin Howe has been with Eltek in different operational and management positions since 1989 and was appointed CEO of Eltek Valere AS in 2010.

-Eltek has a long history as an innovative leader in the power electronics industry, and we have a very interesting platform for growth. I look forward to take part in the shaping of our future strategic direction and to work with an experienced team to further develop our strong position in the power electronics business, says CEO Colin Howe.