Exel Composites announced its new strategy and plans to implement an improved operating model. Exel Composites continues advancing its new strategy by changing its structure as planned and by making changes to its leadership team. The new operating model includes two dedicated customer-centric business units: Engineered Solutions Business Unit, concentrating on tailored solutions in multiple industries and Industrial Solutions Business Unit, concentrating on selected applications with significant growth potential.

As a result, the following changes to Exel's leadership team will be effective from 23 January 2024: Juha Honkanen, M.Sc. (Eng.) has been appointed Executive Vice President, Engineered Solutions Business Unit and a member of the Exel leadership team. He will report to Paul Sohlberg, President and CEO.

Mr. Honkanen has been working for Exel Composites since 2007 in various positions of increasing responsibility. Most recently he held the position of Business Unit Manager, Finland. Mr. Honkanen is based in Joensuu, Finland.

Kathy Wang B.Sc. (Eng.) and B.Sc. (International Trade) has been appointed Executive Vice President, Industrial Solutions Business Unit and a member of the Exel leadership team.

She will report to Paul Sohlberg, President and CEO. Ms. Wang has been working for Exel Composites since 2014, most recently as Business Unit Manager, China. Before joining Exel, Ms. Wang held the position of Head of Purchasing and Logistics at ABB Electrical Machines in China.

Ms. Wang is based in Nanjing, China. In addition to his current role as Senior Vice President, Technology, Kim Sjödahl will be responsible for the Group's sustainability efforts. To emphasize the importance of sustainability in the new strategy, the responsibility of sustainability function has been elevated to the leadership level.

Going forward, members of the Exel leadership team are: Paul Sohlberg, President and CEO, Mikko Rummukainen, CFO, Juha Honkanen, Executive Vice President, Engineered Solutions Business Unit, Kathy Wang, Executive Vice President, Industrial Solutions Business Unit, Kim Sjödahl, Senior Vice President, Technology and Sustainability, and Johanna Tuomisto, Senior Vice President, People and Culture. In connection with these changes, Olli Tevä, currently Senior Vice President, Sales & Marketing will assume new duties within Exel. Kari Loukola, currently Senior Vice President, Wind project will continue to lead the strategic Wind project within the Industrial Solutions Business Unit.

Callum Gough, currently Senior Vice President, Operations, will assume the role of senior operations advisor and acting lead of Exel's US operations. Gough, Loukola and Tevä will leave their positions in the current Group Management Team.