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Industry News
September 12, 2011
Eltek Reorganizes Under ELTEK Brand Name; Colin Howe Steps Up as CEO
The Board of Eltek has decided to reorganize the company into a simpler operational structure under the ELTEK brand name. The changes will effectively merge the operations in Eltek ASA and the wholly owned subsidiary Eltek Valere. Jørgen Larsen retires from his position as CEO of Eltek ASA, and the Board has appointed CEO Colin Howe in Eltek Valere as CEO also of Eltek ASA.
"A strategic review by the Board and management have led up to a reorganization and strengthening of the corporate branding model, both of which are natural steps following the divestment of Nera Networks and the broadening of the core activities into new business areas. We believe the organizational changes that come into effect today will further streamline Eltek’s operational structure." said Erik Thorsen, Chairman of the Board in Eltek ASA.
The alignment of Eltek’s branding and corporate structure to the long-term strategic focus will be completed within the end of the year. This process will not affect Nera Telecommunications Ltd., which is owned 50.1% by Eltek and listed on Singapore Stock Exchange.
"The Board would like to thank J&oslah;rgen for his 15 years with Eltek and his contributions as CEO through a hectic period with the buy-out of Eltek minority shareholders, establishment of new business initiatives, the divestment of Nera Networks, and refinancing of the Group. We are confident Colin will prove to be a great replacement given his long tenure with Eltek and vast industry experience." said Thorsen.
Colin Howe has been with Eltek in different operational and management positions since 1989 and was appointed CEO of Eltek Valere AS in 2010.
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"Eltek has a long history as an innovative leader in the power electronics industry, and we have a very interesting platform for growth. I look forward to take part in the shaping of our future strategic direction and to work with an experienced team to further develop our strong position in the power electronics business,." said CEO Colin Howe.
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