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Technology
Size
Small Cap
Market Cap £209.5m
Enterprise Value £207.6m
Revenue £68.2m
Position in Universe 704th / 1838

Hannu Huttunen appointed CEO of Bittium Corporation and other changes in the company's management

Thu 6th August, 2015 6:01am
Hannu Huttunen appointed CEO of Bittium Corporation and other changes in the company's management

Stock exchange release

Free for publication on August 6, 2015 at 8.01 am

Hannu Huttunen appointed CEO of Bittium Corporation and other changes in the company's management

As a result from the sale of the Automotive business on July 1, 2015, the Board of Directors of Bittium Corporation has decided upon nominations and changes in the company's management.

Hannu Huttunen, M.Sc. (Econ.) has been appointed CEO of Bittium Corporation as of August 7, 2015. Huttunen has been working for Bittium since November 1, 2010 as the president of Wireless Business Segment and Managing Director of Elektrobit Technologies Ltd. Prior to that Huttunen worked at EXFO Inc as Vice President of Wireless Business. In 2010 after EXFO acquired Nethawk Oyj where Huttunen was the CEO from 2003 to 2010 and Executive Vice President from 2002 to 2003. Between 1995 and 2002 Huttunen held several management positions at Nokia Mobile Phones and its Nokia Special Products unit.

The contract of Bittium's current CEO Jukka Harju terminates on August 6, 2015 by mutual consent, and he will not continue at Bittium after August 2015. Harju has been the company's CEO since June 4, 2009. The Board of Directors wants to express its acknowledgement to Jukka Harju for the good development of the company during his term as CEO that has contributed to the significant increase in the company's market capitalization during the last years.

As of August 7, 2015 the corporate functions and Wireless Business Segment's functions will be merged and the following persons will make the company's new management team: Hannu Huttunen, CEO (chairman); Veli-Pekka Paloranta, CFO; Kari Jokela, CLO; Jari Sankala, Senior Vice President, Sales; Karoliina Fyrstn, Director, Corporate Communications and Marketing, heads of product and services areas: Harri Romppainen, Vice President, Defense; Klaus Mntysaari, Vice President, Telecom; and Sami Kotkajuuri, Vice President, Connectivity; Jari-Pekka Innanen, Vice President, Engineering and Arto Pietil, Senior Vice President, Operations.

CFO Veli-Pekka Paloranta has decided to move to another company in November 2015 and has resigned from Bittium. He will continue as Bittium's CFO until November 2015. Paloranta has worked for as Bittium's CFO since 2010 and held other positions in the company since 2002. Harju and the Board of Directors want to express their thanks already now for his great contribution in developing the company during the years.

M.Sc. (econ.) LL.M. Pekka Kunnari has been appointed as CFO of Bittium Corporation as of beginning of November 2015. He has been working as Vice President, Finance in Wireless Business Segment since 2011 and in other positions in the finance department since 2001.

The Board of Directors of the Wireless Business Segment will be discontinued, since Bittium now focuses on one business and there is no need for another board in addition to the Board of Directors of Bittium Corporation.

Oulu, August 6, 2015

Bittium Corporation
The Board of Directors

Further information

Hannu Huttunen
CEO from august 7, 2015 onwards
Tel. +358 40 344 5466

Jukka Harju
CEO until August 6, 2015
Tel. +358 40 344 5466

Distribution

NASDAQ Helsinki
Main media

Bittium

Bittium is specialized in developing reliable and secure communications and connectivity solutions using the latest technologies and deep knowledge on radio technology. Bittium provides innovative products and customized solutions based on its product platforms, and R&D services for customers in various industries. Bittium also offers high quality information security solutions for mobile devices and portable computers. Net sales of continuing operations in 2014 was EUR 52.7 million and operating profit was EUR 0.8 million. Bittium is listed on Nasdaq Helsinki. www.bittium.com




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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Bittium Oyj via Globenewswire

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