PostNord CEO Lars Idermark is swapping paper for trees and will leave the Swedish-Danish postalgroup to head one of the region’s largest forestry groups, Södra.
PostNord announced this morning that Idermark, who became President and CEO in 2010, hadresigned at a board meeting. It is unclear when he will actually leave as he has a six-month periodof notice.
In parallel, Södra announced that Idermark, who was on its board from 1999 to 2009, will becomeits new President and CEO. Södra, a large regional association in southern Sweden with revenues ofSEK 18.2 billion, produces timber, wood products, paper pulp and biofuel.
Idermark commented: “There is never a right time to change jobs. The job I have done at PostNordhas been tremendously stimulating and I have had a very good cooperation with the Chairman and theother Board members, PostNord’s management and employees.
“PostNord is now in an intense transformation phase where we are adapting our mail business tonew conditions while developing our logistics business, based on our recently established corporatestrategy. Naturally, I regret that I will not be able to complete this job.”
Idermark made clear that personal reasons also played a major role in his decision. “I haveserved as a Board member of Södra for more than ten years. The forest industry is very close to myheart. After more than 25 years in positions based in Stockholm and Gothenburg, it is a positivechange for me that Södra’s headquarters are located in Växjö near my home, so that my extensivecommuting can cease. All in all, this meant that I could not turn down the opportunity to leadSödra.”
Fritz H. Schur, Chairman of PostNord’s Board of Directors, commented: “Lars Idermark has madegreat efforts over the nearly two years he has worked in PostNord. During his leadership, thecorporate strategy which is now being implemented in the Group was created. Both substantial costefficiencies and important developments for the future in the form of investments and acquisitionshave been implemented. I understand Lars Idermark’s decision and his motives to go to Södra, but ofcourse I regret his decision. We will begin the recruitment of his successor immediately.”
PostNord was formed in 2009 through the merger of Post Danmark A/S and Posten AB and has salesof approximately SEK 40 billion and over 40,000 employees. Its strategy in recent years has focusedon restructuring the large mail businesses to reflect lower volumes and expanding logisticsactivities through organic growth and acquisitions.
Earlier this year the company unveiled a new medium-term strategy up to 2015, designed toimprove profitability and increase the company’s value ahead of a possible IPO at a futuredate.
