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Fibertex Names Joint CEOs

December 8, 2008

Appointments reaffirm dual management structure.

Fibertex has been operating under a new management since January 2008 in which two top executives have been responsible for their business areas. More recently, the Aalborg, Denmark-based nonwovens producer has named these two executives—Mikael Staal Axelsen and Jørgen Bech Madsen—CEOs for their respective business area. In addition to the two CEOs, Ole Houmann, CFO, is also part of the future group management.

“The chosen structure has proved itself to be very efficient and successful for our daily work. Both business areas have introduced significant efficiency measures, invested in the latest technology and now have state-of-the-art plants and trimmed organizations,” said Jens Bjerg Sørensen, CEO of Fibertex parent Schouw & Co. and deputy chairman of the Fibertex board of directors. He emphasized that the structure ensures top management power close to the businesses.

Mr. Axelsen will serve at CEO of Fibertex’s personal care division while Mr. Madsen is CEO of the technical division.

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