"The change being implemented safeguards the continued strong development of the company and helps reinforce the trust placed in the company by customers, shareholders and employees. The decision entails Ola Serneke stepping down as President and CEO to continue focusing on the Serneke Invest business area, where he will continue to generate value by driving urban development and sustainable community development," says Jan C Johansson, Chairman of the Board of Serneke Group.

Michael Berglin, Deputy CEO of Serneke Group, will be the Acting President and CEO.

Michael Berglin.

The changes in Serneke Group's management have been prompted by Ola Serneke's participation in an Internet discussion forum under a pseudonym. An external independent review of the posts on the forum has been initiated on the initiative of the Board of Directors. Although the review, conducted by lawyer Biörn Riese, showed no regulatory violations to have taken place, the behavior is considered to express poor judgment.

"Although the review shows that Ola did not commit any violations of the law, his actions have affected confidence in the company and himself negatively. With the challenges the company faces, the change means that we can now continue to focus on developing a stronger company, in which profitability and stability are priority areas," comments Jan C Johansson.

"I believe this solution to be the right way forward. I am aware that I have acted in a manner that has negatively affected how many people view me and our company. In that regard, I have not lived up to the values that are so important to the company, and I have failed to act as a good role model. With this change, I will have a more focused assignment, in which I can use my strengths to continue generating value for society, the company and shareholders alike," says Ola Serneke.

The aforementioned changes in Serneke Group's management will take effect immediately.