Inside information: Kamux CEO Juha Kalliokoski to step down during the first half of 2023 - Tapio Pajuharju appointed as new CEO

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Nov 17, 2022, 10:09 ET

Kamux Corporation, Inside information, 17.11.2022 at 16:50

HAMEENLINNA, Finland, Nov. 17, 2022 /PRNewswire/ -- The founder and CEO of Kamux Corporation, Mr. Juha Kalliokoski, has decided to step down from his current position as CEO, and the Board of Directors of the Company has appointed Mr. Tapio Pajuharju, M.Sc. (Econ.), b. 1963, as the new CEO. The change of CEO will take place during the first half of 2023, at a time to be specified later, so that Tapio Pajuharju will assume his role as CEO latest on June 1, 2023, and Juha Kalliokoski will step down from the Company's operative management at the latest on July 1, 2023.

Juha Kalliokoski founded Kamux in 2003 and has led the Company ever since. During this time, Kamux has grown from a Company with one showroom to an international Group with operations in Finland, Sweden and Germany and the third largest retailer of used cars in Europe. Kamux was listed on Nasdaq Helsinki Ltd.'s main list in 2017 and in 2021 the Group's revenue was EUR 937.4 million. Juha Kalliokoski is also the Company's largest shareholder with a 14.7 percent ownership.

Tapio Pajuharju has a long and versatile career in Finland and internationally. He joins Kamux from Harvia Plc, a global leader in the sauna and spa market, which he has led as CEO since 2016. Prior to Harvia, Mr. Pajuharju has worked for example as CEO of Hartwall (2014-2016) and Lumene (2004 - 2014), in various leadership positions in the Huhtamaki Group, both in Finland and in the United States (1997 - 2004) as well as in the confectionery manufacturer Leaf in Finland and in Poland (1998-1997). Currently he is a member of the Board of Directors at Kamux Corporation (2021 -) as well as the Chair of the Board of Directors at Eezy Plc, a personnel services company (2019 -). Pajuharju will continue as a member of the Board of Directors at Kamux Corporation until the Annual General Meeting of 2023.

Harri Sivula, Chairman of the Board: "Juha is the creator of the Kamux concept and the heart and soul of this great Company. On behalf of the Board of Directors and the whole Company I wish to express my warmest congratulations and appreciation to Juha for this exceptional success journey! We are very pleased that as the largest shareholder, Juha's strong interest in the Company will remain even though he, after a long career, deservedly steps down from the operative management of the Company."

"We could not be happier to welcome Tapio as the new CEO of Kamux. International profitable growth is key to the Company's vision to become the number one used car retailer in Europe. Tapio is an experienced professional in sales and marketing as well as in concept and brand building with a solid track record. In addition, having served as a member of the Company's Board of Directors, Tapio already knows Kamux very well."

CEO Juha Kalliokoski: "When I founded Kamux 20 years ago, my goal was to make a living for my family. During these years, together with the entire staff and the Board of Directors, we have developed Kamux into a pioneer for the entire industry, offering consumers an easier and more reliable way to buy a used car. We have grown and internationalized at a fast pace, profitably, and we are now Europe's third largest dealer focusing purely on used cars. This is something to be proud of. During these years, we have sold more than 400,000 used cars. I have given everything to the Company and my dream has been to make Kamux into a billion-euro Company, which we are very close to now."

"For me, now is a good time to step down from the operational role. Tapio has a strong track record of growing and scaling business internationally and he has the ability to spot the new opportunities within the automotive industry. From the bottom of my heart, I wish Tapio the best of success in his new role in taking the Company from third to number one position in Europe."

"I want to thank my family and friends for all the support I have received. I also wish to thank all Kamux employees, the Board of Directors, thousands of partners, and the shareholders who have lived with us through the various phases of the Company and the market."

Tapio Pajuharju: "Kamux has had a long and successful journey under the leadership of Juha and a competent team. I look forward to working together with the team to further build and develop this innovative pioneer in its field. Kamux has created something unique in its field and we want to take it to the next level."

Kamux Corporation
Board of Directors

For more information:
Harri Sivula, Chairman of the Board of Directors
Juha Kalliokoski, CEO
Tapio Pajuharju

Contacts:
Katariina Hietaranta, Head of Communications & IR, tel. +358 50 557 6765

Kamux is a retail chain specializing in the sale of used cars and related integrated services that has grown rapidly. Kamux combines online shopping with an extensive showroom network to provide its customers with a great service experience anytime, anywhere. In addition to digital channels, the company has a total of 78 car showrooms in Finland, Sweden and Germany. Since its founding, the company has sold over 400,000 used cars, 68,429 of which were sold in 2021. Kamux's revenue reached EUR 937.4 million in 2021. In 2021, Kamux's average number of employees was 848 in terms of full-time equivalent employees. Kamux Corporation is listed on Nasdaq Helsinki Ltd.