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    TIK1V   FI4000008719

TIKKURILA OYJ

(TIK1V)
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Tikkurila Oyj : Markus Melkko, CFO of Tikkurila, appointed as interim CEO of Tikkurila

06/14/2021 | 05:34am EDT

Change in Board/Management/Auditors

June 14, 2021 at 12.30 p.m. EEST

Tikkurila Oyj announced on 13 June 2021 that upon completion of PPG Industries, Inc.'s tender offer for all of the shares of Tikkurila, Tikkurila's chief executive officer (CEO) Elisa Markula notified the Tikkurila board of directors of her decision to resign as CEO of Tikkurila to take a CEO role at another company in another industry sector. The board of directors of Tikkurila has today named Markus Melkko as interim CEO of Tikkurila, effective immediately, in addition to his current responsibilities as Tikkurila's chief financial officer (CFO). Elisa Markula will remain with Tikkurila until a date to be separately announced to ensure a smooth transition.

"I want to thank Elisa for her leadership and many contributions to Tikkurila," said Tim Knavish, PPG executive vice president. "She has built a strong team and together they executed a strategy to profitably grow the Tikkurila business.  These efforts helped to enhance the value and reputation of Tikkurila, and we are pleased it is now part of the PPG family. We wish Elisa all the best in her future endeavours.

"Markus is a proven leader and he has been instrumental in the transformation of the Tikkurila's business, which positions us well to achieve continued growth and success. He has played a key role on the leadership team in executing the business strategy and delivering increased value to Tikkurila's stakeholders."

Markus Melkko joined Tikkurila in 2019 and has served as its CFO and a member of the management team.

PPG Finland Oy, a wholly owned subsidiary of PPG Industries, Inc., currently holds 97.1 percent of all the shares and voting rights in Tikkurila. PPG Finland's right and obligation to redeem the minority shares of Tikkurila were registered to the Finnish trade register today. Upon such registration, the term of office for the board of directors elected conditionally at the Annual General Meeting of Tikkurila held on June 11, 2021 commenced.

Tikkurila Oyj
Board of Directors

Additional information:
Michael McGarry
Chairman of the Board, Tikkurila

All contacts via Tikkurila Communications
+358 40 535 8989
Communications.tikkurila@tikkurila.com

Sustainable Nordicness
Tikkurila is a leading Nordic paint company with expertise that spans decades. We develop premium products and services that provide our customers with quality that will stand the test of time and weather. We operate in seven countries and our 2,400 dedicated professionals share the joy of building a vivid future through surfaces that make a difference. In 2020, our revenue totaled EUR 582 million. The company is listed on Nasdaq Helsinki. Nordic quality from start to finish since 1862.

www.tikkurilagroup.com

https://news.cision.com/tikkurila/r/markus-melkko--cfo-of-tikkurila--appointed-as-interim-ceo-of-tikkurila,c3366426

(c) 2021 Cision. All rights reserved., source Press Releases - English

Stocks mentioned in the article
ChangeLast1st jan.
PPG INDUSTRIES, INC. 1.41% 148.58 Delayed Quote.3.02%
TIKKURILA OYJ 0.00% 34 Delayed Quote.36.27%
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Financials
Sales 2021 594 M 696 M 696 M
Net income 2021 - - -
Net Debt 2021 - - -
P/E ratio 2021 -
Yield 2021 -
Capitalization 1 500 M 1 756 M 1 758 M
Capi. / Sales 2021 2,52x
Capi. / Sales 2022 -
Nbr of Employees 2 615
Free-Float 1,17%
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Managers and Directors
Markus Melkko Chief Executive & Financial Officer
Michael H. McGarry Chairman
Fredrik Linde Senior Vice President-Operations
Timothy M. Knavish Director
Laura Alvarez Director
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