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The Kelsey Report® Advisory

End of the Guldstrand Era at Eniro
Bobbi Loy-Luster,Charles Laughlin , 12/23/2003

Issue: Swedish Publisher Became a Global Model on His Watch

News: Lars Guldstrand resigned as president and chief executive officer of Eniro AB, following a three-year tenure as CEO in which the Swedish directory company emerged as a world-class directory organization. Eniro has had a challenging couple of years, combining tough economic conditions with some problematic international acquisitions. However, it appears that a clash between the hard-charging, entrepreneurial Guldstrand and his board over management style was at the heart of the decision.

Lars Berg, chairman of Eniros board, suggested that Guldstrands hands-on style was increasingly incompatible with a large public company, and that the board preferred a more aggressive approach to restructuring and an emphasis on shareholder value over growth.

Guldstrands resignation took effect Monday, the same day the change was announced. Berg has stepped in as interim CEO, and Mikael Engqvist, Eniros chief legal officer, has been named president of Eniro AB, in keeping with Swedish securities law preventing a public company chairman from also holding the office of president. A search is underway for a new Eniro CEO, which is expected to take several months.

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