HELSINKI, FINLAND: CEO of Enedo Plc, Vesa Leino, has decided to leave the company, a news release said.

He will continue in his current position and leading the Executive Management Team until the new CEO has been nominated.

“During the last three and a half years we have gone through major business restructuring renewing the company business portfolio and building foundation for the turn-around. Divestment of Telecom, acquiring Powernet and combining that with DC Systems business from Efore have all been crucial steps in this journey. This spring we also heavily restructured the company financing by collecting required turn-around funding and reducing company debt by 60%. This is a good moment to step aside and let the new Board continue executing the turn-around with new management”, says Vesa Leino.

Olle Hulteberg, Chairman of the Enedo Board: “I want to thank Vesa for his contribution and commitment to the company business re-structuring during his time first as CFO and later as CEO in the company. Activities done during that time have been fundamental in getting the company this far and building opportunity for further changes needed to turn the company into profitability”.

Enedo is a European designer and producer of high-quality electronic power supplies and systems for critical equipment even in the most demanding environments. Enedo’s mission is to make electricity better – more reliable, more secure, more energy efficient – and just right to fit its purpose.

Enedo’s three main product categories are Led Drivers, Power Supplies and Power Systems. In 2020 the group’s net sales was EUR 38,5 million. Enedo has 354 employees and its main functions are located in Finland, Italy, Tunisia and USA. The group’s head office is in Finland and parent company Enedo Oyj is listed on Nasdaq Helsinki Oy. www.enedopower.com