Husqvarna’s board of directors and Magnus Yngen have agreed that Husqvarna is better served by a new CEO and president following Yngen’s leave of absence. Consequently, the board of directors gave notice to Yngen on August 29 that his contract would be terminated. Yngen has also resigned from his position as a member of the board.
According to the employment contract, Yngen has a notice period for termination of 12 months on the part of the company. He is also entitled to severance pay, corresponding to 12 monthly base salaries with deduction for any other income.
The search for a new CEO and president has been initiated and will cover both internal and external candidates.
On June 9, 2011, Hans Linnarson was appointed acting CEO and president. Linnarson will remain in these positions until a new CEO and president has been appointed. Linnarson has served as executive vice president, head of sales Europe & Asia/Pacific since 2006 and will remain in this position as well.
“We thank Magnus Yngen for his important contribution to Husqvarna and wish him good luck in his future endeavours,” said Lars Westerberg, chairman of the board. “The search process is initiated and in the meantime, we are very pleased that Hans Linnarson remains acting CEO.”