Oslo, 13 May 2022 - The Board of Directors in XXL ASA has today agreed with Pål Wibe that he will step down as CEO from 1 September 2022. The background for this is a disagreement about priorities and the road ahead for XXL.
Wibe continues in the CEO role until the end of August. He will be responsible for the daily operations and at the same time to ensure good progress on XXL’s strategic change program. After this Wibe will be available for XXL until the end of 2022 to secure a good handover to the next CEO.
The Board will immediately start the process to recruit Wibes successor.
Comment from CEO Pål Wibe:
“Despite the pandemic it has been a pleasure to lead XXL during the last two years. We have had profit growth while at the same time implementing several strategic projects. I am proud of what we have accomplished as a team. The Board and I have all the way agreed about the strategic direction, but we disagree about implementation and what priorities are most important for XXL right now. I have had an open and good dialogue with the Board, and both parties have come to the conclusion that it is right to separate on friendly terms. I will continue in the CEO role until later this fall and will also be available for XXL for a while after this. I wish all the best for XXL and believe the XXL concept will succeed also going forward”.
Comment from Chairman Hugo Maurstad:
“The Board is grateful for Pål’s impressive and energetic effort for XXL throughout the pandemic and to this day. XXL is today a better company than it was two years ago when Pål joined the company as a CEO. Together with a skilled management team Pål has built a robust organization and developed XXL on several important areas. We are now well positioned to capture market shares and strengthen our profitability in the years to come. The Board looks forward to work with Pål to secure a smooth transition, while we search for a new leader to further develop this great company.”
XXL will host a conference call for investors and analysts today at 15:00 CET with Chairman of the Board Hugo Maurstad and CEO Pål Wibe. All details will be available on the company’s website www.xxlasa.com in due course. Please register for the conference call 5-10 minutes prior to the scheduled start time.
For further queries, please contact:
Investor Relations:
Tolle O. R. Grøterud
Phone: +47 902 72 959
E-mail: ir@xxlasa.com
Press contact:
Andreas Nyheim
Phone: + 47 952 11 779
E-mail: presse@xxl.no
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
About XXL ASA
XXL is a leading sports retailer with stores and e-commerce in Norway, Sweden, Finland, Denmark and Austria. It is the largest among the major sports retailers in the Nordics. XXL pursues a broad customer appeal, offering a one stop shop experience with a wide range of products for sports, hunting, skiing, biking and other outdoor activities. XXL's concept is to have the largest stores with the best prices and the widest assortment of products, focusing on branded goods.