After 13 years, Jens Engwall has announced his intention to leave his position as Kungsleden's Chief Executive. The search for his successor has begun. Mr. Engwall will remain in his position until mid-year, and the Board has entered into an agreement with Mr. Engwall that he will be at the company's disposal beyond his six-month notice period, until 1 January 2007.
Commenting, Kungsleden's Chairman Bengt Kjell said: "in his years of service, Jens Engwall has made a major impact on Kungsleden, apparent in the expansion of our property holding from a value of SEK 5.2 bn at our 1999 IPO to SEK 25 bn today. Meanwhile, he's built an entrepreneurial organization that manages the company's holding with a high degree of professionalism, plus its documented skill in completing large, high-speed and complex acquisition and divestment processes. The unequivocal and successful strategy that Kungsleden has pursued will remain in force, and we are now looking for a successor who can take over and enhance the business, while simultaneously, we're very pleased that Kungsleden will be able to utilize Jens' services until the end of the year."
In response, Mr. Engwall added: "after 13 years with Kungsleden, and nearly seven as Chief Executive of a quoted corporation, it feels like a good time to hand over the reins. In the years we've been listed, we've consummated over 1,400 acquisitions and divestments, and now manage a holding that's expanded fivefold since our listing. This shows how Kungsleden and its professionals are well-equipped to continue our successful progress. I think the prospects for successful property transactions for this year are just as good as in 2005."
Mr. Engwall has a six-month notice period, and will receive current salary (albeit without holiday pay or company car benefits) for a further period of six months until his employment concludes. Mr. Engwall will also receive a bonus of six months' salary and entitlement to a performance-related bonus totalling a further 12 months' salary dependent on factors including actual performance vs. budget on property transactions and the increase in profit for calculating dividends.