Magnus Grönborg, new CEO for OXE Marine AB

Rhea-AI Summary

On July 1, 2021, Magnus Grönborg has taken over as the new CEO of OXE Marine AB (OTCQX: CMMCF), succeeding Myron Mahendra, who moves to EVP of Business Development, Sales, and Marketing. This change aims to enhance the company's operational efficiency as it expands its third-party production in Poland and the US. Grönborg emphasized OXE's commitment to innovation in marine propulsion technology, aiming to improve fuel efficiency and reduce emissions, positioning the company for a significant impact in the marine market.

Positive

• Appointment of Magnus Grönborg expected to bring fresh perspectives and leadership.
• Expansion into third-party production facilities in Poland and the US to optimize operations.

Negative

• Transition may pose risks related to continuity and experience gaps in leadership.

STOCKHOLM, Sweden., July 1, 2021 /PRNewswire/ -- Magnus Grönborg has today (1 July 2021) assumed the CEO position for OXE Marine AB (publ) (NASDAQ STO: OXE) (OTCQX: CMMCF).

Magnus Grönborg succeeds Myron Mahendra who will assume the position of EVP Business Development, Sales and Marketing. Appointing Magnus Grönborg is part of the previously communicated move into the next phase of OXE Marine´s development, with third party production facilities in both Poland and the US, where the board of directors has resolved to reorganize the management team to optimize the Company's ability to achieve its financial and operational targets. 

"OXE is by definition a disruptive force on the marine propulsion market, delivering both superior fuel consumption to our customers and significant reduction in emissions to our planet. By persistently combining our end-user experiences with our in-house technical brilliance, we will continue to transform the marine market not only from a performance, but also, environmental perspective. To lead such a journey is very inspiring and I am honored to shoulder the CEO role at OXE Marine".
Magnus Grönborg, CEO, OXE Marine AB.

Certified Adviser
FNCA Sweden AB is Certified Adviser for OXE Marine AB (publ). Contact details to FNCA Sweden AB: tel. +46 8 528 00 399, e-mail info@fnca.se.

For further information, please contact:
Magnus Grönborg, CEO, magnus.gronborg@oxemarine.com, +46 76 724 73 00
Anders Berg, Chairman, anders.berg@oxemarine.com, +46 70 358 91 55

OXE Marine AB (publ) (NASDAQ STO: OXE), (OTCQX: CMMCF) has, after several years of development, constructed the OXE Diesel, the world's first diesel outboard engine in the high-power segment. The Company's unique patented engine-to-propulsion power transmission solutions have led to high demand for the Company's engines worldwide.

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The following files are available for download:

https://mb.cision.com/Main/16067/3377267/1438946.pdf	20210701 - Magnus Grönborg, new CEO for OXE Marine AB
https://news.cision.com/oxe-marine-ab/i/magnus-gronborg,c2931746	Magnus Grönborg

View original content:https://www.prnewswire.com/news-releases/magnus-gronborg-new-ceo-for-oxe-marine-ab-301324030.html

SOURCE OXE Marine AB

FAQ

What led to the appointment of Magnus Grönborg as CEO of OXE Marine AB?

Magnus Grönborg's appointment is part of OXE Marine AB's strategy to enhance operational efficiency and support its expansion plans.

Who did Magnus Grönborg replace as CEO of OXE Marine AB?

Magnus Grönborg replaced Myron Mahendra, who became EVP of Business Development, Sales, and Marketing.

What are the key objectives for OXE Marine AB under Magnus Grönborg's leadership?

Grönborg aims to focus on innovation in marine propulsion and optimizing production capabilities, primarily in the US and Poland.

What is the stock symbol for OXE Marine AB?

The stock symbol for OXE Marine AB is CMMCF on the OTCQX.