Axfood: New CEO as Reitangruppen sells remaining shares

Date : 08 September 2016

Axfood has appointed a new CEO, Kris Balkow; while Reitangruppen has sold its remaining shareholding in Axfood.

Axfood appoints Kris Balkow from Clas Ohlson

Axfood has appointed Kris Balkow as President and CEO, effective from March 2017. He has been President and CEO of Clas Ohlson since 2007 and has previously worked for Bredsbandsbolaget, a Swedish internet provider and Procter & Gamble in the Nordics and USA.

‘I am very impressed by the management and people at Axfood, who have created a very strong position in the market in terms of food appreciation as well as sustainable development. It is with great humility and an abundance of energy that I look forward to leading such a fine, values-steered company further to new heights’, Balkow commented on his appointment.

He succeeds Answers Strålman, who has been CEO since 2005. He will continue to work for Axfood for a further two years until retirement, as an adviser to the CEO.

Reitangruppen sells stake in Axfood

Reitangruppen has sold its remaining 5.6% stake in Axfood to institutional investors in Sweden and abroad.

This development follows a previous announcement in May, where Reitangruppen also moved to reduce its stake in Axfood.

In December last year, Odd Reitan, CEO and chairman of the board of Reitangruppen AS declined re-election to Axfood’s Board of Directors, leading to speculation that Reitangruppen may look to launch the REMA 1000 discount banner in Sweden as a result.