In October 2023, Exel Composites announced its new strategy and plans to implement an improved operating model. Exel Composites continues advancing its new strategy by changing its structure as planned and by making changes to its leadership team.

The new operating model includes two dedicated customer-centric business units: Engineered Solutions Business Unit, concentrating on tailored solutions in multiple industries and Industrial Solutions Business Unit, concentrating on selected applications with significant growth potential. As a result, the following changes to Exel's leadership team will be effective from 23 January 2024:

Juha Honkanen, M.Sc. (Eng.) has been appointed Executive Vice President, Engineered Solutions Business Unit and a member of the Exel leadership team. He will report to Paul Sohlberg, President and CEO. Mr. Honkanen has been working for Exel Composites since 2007 in various positions of increasing responsibility. Most recently he held the position of Business Unit Manager, Finland. Mr. Honkanen is based in Joensuu, Finland.

Kathy Wang B.Sc. (Eng.) and B.Sc. (International Trade) has been appointed Executive Vice President, Industrial Solutions Business Unit and a member of the Exel leadership team. She will report to Paul Sohlberg, President and CEO. Ms. Wang has been working for Exel Composites since 2014, most recently as Business Unit Manager, China. Before joining Exel, Ms. Wang held the position of Head of Purchasing and Logistics at ABB Electrical Machines in China. Ms. Wang is based in Nanjing, China.

In addition to his current role as Senior Vice President, Technology, Kim Sjödahl will be responsible for the Group's sustainability efforts. To emphasize the importance of sustainability in the new strategy, the responsibility of sustainability function has been elevated to the leadership level.

Going forward, members of the Exel leadership team are:

Paul Sohlberg, President and CEO

Mikko Rummukainen, CFO

Juha Honkanen, Executive Vice President, Engineered Solutions Business Unit

Kathy Wang, Executive Vice President, Industrial Solutions Business Unit

Kim Sjödahl, Senior Vice President, Technology and Sustainability

Johanna Tuomisto, Senior Vice President, People and Culture

In connection with these changes, Olli Tevä, currently Senior Vice President, Sales & Marketing will assume new duties within Exel. Kari Loukola, currently Senior Vice President, Wind project will continue to lead the strategic Wind project within the Industrial Solutions Business Unit. Callum Gough, currently Senior Vice President, Operations, will assume the role of senior operations advisor and acting lead of Exel's US operations. Gough, Loukola and Tevä will leave their positions in the current Group Management Team.

"I am very pleased to welcome Kathy and Juha, who both have extensive industry experience and strong customer focus, to our leadership team. I am especially delighted that we have identified great candidates from within our existing organization for these new positions. Juha has a strong track record of successfully developing our engineered solutions business and Kathy has been instrumental to the success and competitiveness of Exel in China. Expanding Kim's role to include sustainability confirms our commitment to this critical theme and brings his expertise to that function. I would also like to thank Callum, Kari and Olli for their valuable and committed work as Group Management Team members and I look forward to working with them in their new roles," says Paul Sohlberg, President and CEO at Exel Composites.

For further information, please contact:

Sanna Ahvenniemi, Head of Investor Relations, tel. +358 40864 3000, sanna.ahvenniemi@exelcomposites.com

Exel Composites in brief

At Exel Composites, we use over 60 years' experience to solve challenges and help customers save resources. Our forward-thinking composite solutions made with continuous manufacturing technologies serve customers in a wide range of industries around the world. You can find our products used in applications from wind power and transportation to building and infrastructure.

Our collaborative approach and global footprint set us apart from our competition. We use our expertise to help customers reduce weight, improve performance and energy efficiency and decrease total lifetime costs. We want to be the first choice for sustainable composite solutions globally.

Headquartered in Finland, Exel Composites employs approximately 650 forward-thinking professionals around the world and is listed on Nasdaq Helsinki. To find out more about our offering and company please visit www.exelcomposites.com.

Exel Composites Plc