Magnus Ljung appointed as CEO of Saga Furs; Pertti Fallenius to step down after more than a decade as CEO of the company.
The last few years have been challenging for the fur industry. Covid-19 -pandemic has had a dramatic impact on Saga Furs sales and the financial situation of the producers. The company expects that the effects of Covid-19 will continue to have a heavy impact on the production volume both in Europe, and in North America. The decrease in global production requires quick and substantial operational and organisational restructuring. To speed up these changes and to formulate a new strategy to align business operations to the current market environment the company has appointed Magnus Ljung as the new CEO, effective immediately. Mr Ljung has a solid experience in fur business and he has held several positions at Saga Furs as well as the Finnish Breeders Association, FIFUR, in the past 20 years. Additionally, Mr Ljung has been the CEO of Norlic Oy, an accounting firm that takes care of, for example, the accounting of most of the Finnish fur farms.
“I would like to thank Pertti Fallenius for his work in leading Saga Furs in the past decade. Under his leadership, the company’s operations have been developed systematically and transparency in decision-making has been increased. Saga Furs is on a stable footing, but in recent years the company’s financial result has not been in line with expectations”, says Kenneth Ingman, vice chairman of Saga Furs’ Board of Directors.
Juha Huttunen will continue as the deputy managing director of the company.
Vice Chairman of the Board Kenneth Ingman, p. 040 759 1600
CEO Magnus Ljung, p. 040 705 4595
Saga Furs Oyj, Stock exhange release, 6 May 2020 (19.15 Finnish time)