John Are Lindstad to leave O. Mustad & Son
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Norwegian tackle giant, O Mustad & Son, is to part company with its CEO, John Are Lindstad.
A statement issued by the Board of Directors this morning confirmed the termination of Lindstad’s contract after nearly three years with the company. He will leave his position on February 21 when Chairman of the Board, Ulf Bjerkness, will take over until a replacement has been appointed.
Bjerknes said: “The company has not performed as expected during Lindstad’s leadership and the Board of Directors want a new direction.”
Lindstad said: “I respect the decision of the Board. I would like to thank the people and team within the group for my three years with the company.”
Lindstad’s tenure at Mustad was a time of change for the iconic hook brand as it set out on a course to broaden its portfolio of products and double the size of the business within five years.
Last year it made its first acquisition, adding US-based TUF-Line to its business.
The Board added that it has started a recruitment process to find Lindstad’s successor.