Henrik Carlborg has worked at Ferronordic since 2013. He joined the Group as General Counsel and has worked as Business Development Director and Deputy CEO since 2017. Henrik was a driving force behind Ferronordic's expansion into the US and has been primarily responsible for the development of Ferronordic's US operations.

In his role as Executive Chairman, Lars Corneliusson will focus on Ferronordic's strategic development, including its geographical expansion, expansion into new business areas and relationships with Ferronordic's key partners and strategic customers, in addition to standard Chairman duties.

Ferronordic's Chairman, Staffan Jufors, comments:

"The Board is very pleased that Henrik Carlborg has accepted the offer to step up from Deputy CEO to become President and Group CEO. This will secure a smooth transition of leadership. We also see a great upside in Lars Corneliusson being able to focus more on the Group's major customers, strategic development and expansion opportunities in a new role as Executive Chairman of the Board.

Henrik has worked closely with Lars for many years, both in business development and as Vice President. He is well respected within the Group and among our partners and customers and has played a key role in Ferronordic's expansion to the USA. With Henrik and Lars in their respective new roles but also in continued close collaboration, Ferronordic has both strong management and continuity and good potential to create value for its shareholders."

Ferronordic's CEO, Lars Corneliusson, comments:

"Building and leading Ferronordic is my life's work. I want it to remain that way, but I want to be able to step back from the day-to-day operational questions and focus more on Ferronordic's strategic expansion opportunities, customer relationships and the dialogue with key suppliers and other partners. I will be able to do that in the new role that I want to take on. Henrik and I have worked closely together for many years and I am convinced that Henrik is the right person to be CEO of Ferronordic. We have always and will continue to work well together."

Ferronordic's Head of Business Development and incoming CEO, Henrik Carlborg, comments:

"It has been a pleasure to work closely with Lars and learn from him at Ferronordic. I look forward to continuing to work with Lars to build a larger and more profitable Ferronordic. Ferronordic has great opportunities to create value by making Germany profitable, continuing our expansion in the US and further developing our business model."

The Nomination Committee's full proposal will be published in a separate press release.

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About Ferronordic

Ferronordic is a service and sales company in the areas of construction equipment and trucks. It is the dealer for Volvo CE in all or parts of nine states in the United States and also represents Hitachi, Sandvik and Link-Belt in parts of the same area. Ferronordic is dealer of Volvo Trucks, Renault Trucks in Germany and dealer of Volvo CE and certain other brands in Kazakhstan. Ferronordic began its operations in 2010 and currently has 37 outlets and approx. 800 employees. Ferronordic's vision is to be the leading service and sales company in its markets. The shares in Ferronordic AB (publ) are listed on Nasdaq Stockholm. www.ferronordic.com