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Norican Global A/S Announces Resignation of President and CEO

TAASTRUP, Denmark, March 29, 2019 /PRNewswire/ -- Norican Global A/S ("Norican Group"), a majority-owned, private equity portfolio company of Altor Fund IV Holding AB ("Altor"), was informed yesterday by Robert E. Joyce, Jr of his intent to resign his duties as President & CEO, and as a director on the Norican Group's board, effective Sunday March 31, 2019.

"After seventeen years of leading this great organization and having just recorded record revenue and EBITDA performance in 2018, the time is right for Norican to pursue its next phase of strategic leadership," commented Mr. Joyce. "While I am proud of what our team has accomplished since 2002, the time has come for a fresh approach to Norican's journey. In discussions over the past few months with Norican Group's Chairman, Mr. Jean-Marc Lechêne, and with Altor's lead partner Mr. Søren Johansen, we agreed that it was the proper time for the team to implement a transition of leadership. Accordingly, I will be resigning my responsibilities as a Board Director, President and CEO this coming Sunday, while remaining a significant shareholder through the balance of Altor's investment period."

Mr. Joyce closed with this observation, "It has been my great privilege to work with such a dedicated and professional team over the course of my career. I ask that they continue to show the same level of dedication and professionalism to my successor."

"It is with a lot of emotion that we say goodbye to Rob today," said Mr. Lechêne. "During his long tenure, he has established Norican as a worldwide leader in parts formation and parts preparation while building a great team. Rob can take legitimate pride in what he has achieved! And, on behalf of the entire Board of Directors, I wish him every success and satisfaction in this new chapter of his life that is opening."

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