Rapala VMC Corporation starts search for new leader
Article Media Click images to enlarge +
Rapala VMC Corporation has begun the search for its next President and CEO following last week’s surprise resignation of Jussi Ristimäki.
In a release to the Nasdaq Helsinki Stock Exchange and the media late on Friday afternoon, the group announced the departure of Ristimäki and appointment of Chairman Louis d’Alançon as his successor in an interim role with immediate effect.
The timing of the move is particularly surprising in view of the fact that Rapala is in the middle of a recovery programme that has been spearheaded by Ristimäki and is said to be making good progress in its aim of getting itself back on a growth track. The group has also recently acquired 49% of the fast growing US brand, 13 Fishing, with the intention of entering the worldwide rod and reel market.
Ristimäki will be available to the Board of Directors until March 27th, 2020 to assist on special projects to secure an orderly transition. As well as carrying out his new additional duties, d’Alançon will continue as Chairman of the group.
“We want to thank Jussi for his strong contribution to our strategic initiatives aimed at growth, improvement of profitability, lightening the balance sheet and improving the operational performance,” said d’Alançon. “We expect his successor to further accelerate these actions and to have special emphasis on global sales and brand building.”
Ristimäki joined Rapala VMC in in 2007 as Group Tax and Risk Manager. He also served as Chief Financial Officer and Deputy CEO before being appointed President and CEO of the group in September 2016.
“I want to thank all Rapala employees and other stakeholders for their good cooperation and great experience during the last 12 years. In the last three of those we have worked together on several new fronts with strategic initiatives which I believe will form a good platform for Rapala’s long-term success,” said Ristimäki. “Now it is time for someone else to take the lead and me to pursue new things in due course.”