New board members for Algol Group companies

The following independent members will join the Board of Directors of Algol Chemicals as of January 2020: 

- Leif Frilund (66), M.Sc. (Chemical Engineering), President & CEO of the Walki Group since 2007
- Johan Grön (53), D.Sc. (Chemical Engineering), Vice President, Biogas, and Member of the Management Team at Gasum Oy, previously Senior Vice President at Outotec
- Petri Helsky (53), M.Sc. (Economics and Engineering), President & CEO of Suominen Corporation; previous management positions in the paper and chemical industries. 

The following independent members will join the Board of Directors of Algol Technics as of January 2020: 

- Tommi Juusela (45), L.LM. (Helsinki and Columbia University), previous senior positions in sales, change management and strategic development at Nokia and Neste, currently Member of the Board with several companies
- Juha Metsälä (52), M.Sc. (Engineering), eMBA, Founder and Chairman of the Board of Pohjola Rakennus Oy
- Minna Forsström (52), Sc. (Engineering), MBA, previously project director and director of operations at Fennovoima, Paulig and Pöyry.

Algol Group CEO Alexander Bargum will continue to serve as Chairman of the Board of both of the above companies as well as other subsidiaries of Algol Oy. Independent members also serve on the Board of Directors of Histolab Products AB. In addition, members appointed by minority shareholders serve on the Board of Directors of Suomen Unipol Oy. Internally appointed members serve on the Boards of Directors of both Algol Trehab and Algol Diagnostics.

Boards of Directors are tasked with providing strategic support to the company and its management. The responsibilities of the Boards of Directors of subsidiaries cover the following: 

- Appointing the company's Managing Director; matters related to the remuneration of senior management.
- Compensation scheme (within the overall framework set by the Group).
- Short-term and long-term strategic operational goals and actions, as well as monitoring and addressing deviations in these goals and actions.
- Annual financial targets, taking into consideration the owner’s expectations, as well as monitoring and addressing deviations in these targets.
- Analysis and monitoring of business risks and opportunities.
- Regular contacts with the Managing Director and the company's other operational management.
- Strategic investment initiatives and their preparation for processing by the parent company.
- Stakeholder issues (such as customer satisfaction, developing the portfolio of principals, HR issues, etc.).
- Monitoring compliance with policies and guidelines set by the Board of Directors of the parent company.

Changes to the Boards of Directors of subsidiaries do not affect their operative organisation.

“I am very pleased that we have been able to attract such experienced and skilled business leaders from outside the Algol Group to serve on our boards. It provides us with a tremendous amount of new insight and energy to improve our growth and profitability. At the same time, it shows that Algol is a highly valued and interesting company that is able to attract high-profile board members. I look forward with great enthusiasm to this new phase of board work,” says Alexander Bargum, CEO of the Algol Group.

Further information

Alexander Bargum, CEO, Algol Oy, tel. +358 40 732 3232

Algol in brief

Algol is a Finnish multi-branch supplier to industry and the healthcare sector. We work together with a global network of partners responsibly and with 125 years of experience. Algol’s solutions for industry are designed to safeguard manufacturing reliability, enhance processes and prolong the lifespan of machinery and equipment. In the healthcare sector Algol’s solutions promote the conditions for healthy living.

The Algol Group had net sales of 178 million euros in 2018. We employ almost 500 professionals in ten countries. Read more: www.algol.fi