Change in Management Board and organization of Sjælsø (DK)

For the purpose of ensuring optimum conditions for carrying through Sjælsø Gruppen's growth strategy and internationalization, it has been decided to carry through full integration of Sjælsø Gruppen's activities in the Nordic region and in Poland within development of residential, commercial and retail projects. The Sjælsø group's total activities, including IBI, will in future be marketed under the Sjælsø name.

Change in Management board
Upon consultation of the establisher of Sjælsø Gruppen and Managing Director, Ib Henrik Rønje, the Board of Directors has furthermore decided to accept Ib Henrik Rønje's wish to focus on business development and large projects in Sjælsø Gruppen in future.

Accordingly, Ib Henrik Rønje will step into a newly created position as Director of Business Development, and Ib Henrik Rønje will continue in the Company's investment committee. In order to make full use of Ib Henrik Rønje's considerable insight and experience in the further development of Sjælsø Gruppen, the Board of Directors will also at the next Annual General Meeting in the Company recommend that Ib Henrik Rønje be elected as new member of the Company's Board of Directors.

As new Managing Director, CEO, the present Director, CFO in Sjælsø Gruppen, Flemming Jensen, has been appointed. At the same time, Finance Director Torben Black, has been appointed Director, CFO and new member of the Management Board. The present member of the Management Board, COO, Jørgen Junker, will continue unchanged in the Management Board with special responsibility for project development and construction, etc. Junker has been with Sjælsø Gruppen since 1984 and a member of the Management Board since 2000. Sjælsø Gruppen's Management Board after this consists of:

  • Flemming Jensen (44), Managing Director, CEO
  • Jørgen Junker (61), Director, COO
  • Torben Black (39), Director, CFO

Torben Black has been with Sjælsø Gruppen since July 2006. Black is a educated auditor and MBA, and has more than 15 years' experience from the property industry, i.a. from positions in C.W. Obel, Codan and Baltica.

With these managerial changes that will take effect as from 1 September 2007, the Board of Directors believe that Sjælsø Gruppen will continue to benefit to the highest possible extent from Ib Henrik Rønje's great knowledge and insight in the business, as well as that the Company will still have a powerful and competent Management.

The new group and management structure supports the future growth and earnings. With the organizational changes and the composition of the new Management Board, management focus and organizational structure have been established which are capable of creating the highest possible added value at the same time as the Sjælsø group will be carrying through the business expansion within the three business areas; commercial properties, retail and residential in Denmark as well as internationally.

The Chairman of the Board of Directors of Sjælsø Gruppen, John R. Frederiksen, states, "With the new organizational structure and the change in the Management Board, we have created a very good foundation for the Sjælsø group in future that will support our strategic focus on growth in Denmark as well as abroad. We are pleased that Ib Henrik Rønje still wishes to contribute to the Group's overall business development. For 30 years, Ib Henrik Rønje has made unique efforts as a Managing Director of Sjælsø Gruppen and possesses considerable knowledge and insight. With the appointment of Flemming Jensen as new Managing Director, CEO, we are certain that our well-established business concepts will be continued and that further growth will be created in the years to come."

Rønje says, "I will continue to be very involved in Sjælsø and will now be able to focus on what I believe I do best, which is business development and large projects. In the 30 years it has been since my brother Torben and I started out, we have come so incredibly far. But I also feel that this is the best time to let others and very experien

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