Management change at Mycronic
As a result of the preparations ahead of a possible listing of Axxon on a stock exchange in China, effective March 19, 2024, Ivan Li leaves Mycronic’s executive management but remains as Head of Axxon, the core of Mycronic´s High Volume division.
Mycronic AB (publ) has previously announced that the Board has decided to investigate the possibility of listing Axxon, the core of the High Volume division, on a stock exchange in China and floating a minority stake. Through this, Axxon would further strengthen its brand and market leadership position. By being more independent and having the means for fast expansion, the best possible conditions for Axxon are created to realize its success and full potential. However, the regulations stipulate that in such a situation, Ivan Li cannot be a member of Mycronic’s executive management.
“Although the Board of Directors of Mycronic has not yet made a formal decision to list Axxon, we choose to already now carry through this organizational change, as this will enable more options for the future. Axxon will be governed by a Board of Directors, which I will chair. High Volume will otherwise remain as a division and a reported segment in Mycronic.”, says Anders Lindqvist, Mycronic’s President and CEO.
For additional information, please contact:
Anders Lindqvist
President and CEO
Tel: +46 8 638 52 00
E-mail: anders.lindqvist@mycronic.com
Sven Chetkovich
Director Investor Relations
Tel: +46 70 558 39 19
E-mail: sven.chetkovich@mycronic.com
The information in this press release was published on March 19, 2024, at 8:00 a.m. CET.
About Mycronic
Mycronic is a Swedish high-tech company engaged in the development, manufacture and marketing of production equipment with high precision and flexibility requirements for the electronics industry. Mycronic’s headquarters are located in Täby, north of Stockholm and the Group has subsidiaries in China, France, Germany, Japan, Mexico, the Netherlands, Singapore, South Korea, United Kingdom, United States and Vietnam. Mycronic is listed on Nasdaq Stockholm. www.mycronic.com