Simon Göthberg has been appointed new CEO of Vestum – Conny Ryk proposed as Chairman of the Board

The board has today appointed Simon Göthberg as new CEO of Vestum AB (publ) ("Vestum") with effect from 1 November 2023. Vestum's current CEO Conny Ryk will, in connection with leaving his role as CEO, be proposed as new Chairman of the Board for Vestum.

Simon Göthberg is one of the co-founders of Vestum and he currently holds the role of deputy CEO and Head of M&A for the company. Before Simon co-founded Vestum in 2021, he was active in private equity and corporate finance in both Sweden and the US. Simon has a Bachelor's degree in Business Administration from the University of Southern California.

Comment from Vestum's deputy CEO and Head of M&A, Simon Göthberg:

It is with great humility and pride that I take on the task as CEO. Vestum has fantastic businesses and employees who have made Vestum's strong growth journey possible, and it feels extremely exciting to be able to explore all of the opportunities that lie ahead of us in our continued endeavour to become a leader in sustainable and civic infrastructure. I am also very much looking forward to continuing my long-standing collaboration with Conny Ryk, but now as CEO and Chairman of the Board.

The nomination committee in Vestum has declared its intention to propose Conny Ryk as the new Chairman of the Board for Vestum in connection with him leaving his role as CEO of the company. Vestum's board therefore intends to call an extra general meeting during the fall of 2023 to deal with the board change. Conny Ryk, who initiated Vestum and has been its CEO since inception, is the company's largest shareholder.

Comment from Vestum's CEO, Conny Ryk:

Over the past twenty years, I have founded and run several successful companies, and Vestum is no exception. Today, Vestum is an industrial group with over 2,000 employees that focuses on providing niche services and products to civic infrastructure. Recently, we have also successfully listed Vestum on Nasdaq Stockholm's main list, streamlined the business through a strategic divestment, streamlined the capital structure and established new sustainability targets. It therefore feels like a natural time for me to hand over the role of CEO to Simon Göthberg, who is currently Vestum's deputy CEO and Head of M&A. My faith in Vestum's vision and strategy is unshaken and my continued commitment to Vestum is long-term. My intention is therefore to remain as Vestum's largest shareholder and to assume the role as Chairman of the Board, which gives me the opportunity to focus to a greater extent on strategic issues that are crucial for Vestum's continued success. I feel confident with Simon's leadership, and I look forward to developing Vestum's strategy and continuing the growth journey together with the rest of the board and management in Vestum as Chairman of the Board.

Comment from Vestum's Chairman of the Board, Per Åhlgren:

First of all, I would like to say a big thank you to Conny Ryk for his fantastic work in establishing Vestum as a leading industrial group within civic infrastructure. Conny has been absolutely decisive for the strong growth journey that has characterized Vestum since its inception. During Conny's time as CEO, Vestum has grown from a local operation in the Stockholm area with a market capitalization of SEK 140 million to a Northern European industrial group with market-leading positions with a market capitalization of SEK 4 billion. At the same time, the board feels confident with the choice of Simon Göthberg as Vestum's new CEO and we are convinced that Simon is the right person to lead Vestum through the next growth phase. It also feels very gratifying that Conny Ryk, who is Vestum's largest shareholder, has declared that he will continue to have a long-term commitment to the company and that the nomination committee intends to propose him as the new Chairman of the Board for Vestum. For my part, it has been a pleasure to follow Vestum's development as Chairman of the Board and I look forward to continuing to follow the company as a board member.