Generational transfer within the board of directors of Algol Oy

Press Release 21.10.2019

Long-serving members of the Board of Directors of Algol Oy Magnus Bargum and Martin Granholm will resign from their positions in December 2019. Kaj Hedvall, Director of Strategy at Senate Properties, and Kenneth Nystén, Senior Vice President at Iggesund Paperboard (Holmen Group), will stay on as independent members of the board alongside Alexander Bargum and Johannes Bargum, both of whom are employed by the company and principal shareholders.

Kaj Hedvall will take over as Chairman of the Board as of January 2020. He has been a member of the board since 2011. In addition, he serves on the boards of numerous foundations and organisations.

The new, smaller Board of Directors of the parent company Algol Oy will focus especially on issues related to its ownership strategy, financing and the use of Group resources. At the same time, the board work of subsidiaries will be developed and strengthened.

Magnus Bargum – Over forty years of service on the Board of Directors

Magnus Bargum, D. Sc. (Econ.) h.c., was first elected to the Board of Directors of Algol Oy in 1975. He has subsequently served on the board without interruption for 44 years. From 1976 to 1985 he served as Deputy CEO of Algol Oy, after which he served as CEO for the next 27 years. During his distinguished career, he has served as Chairman of the Board of the Association of Finnish Technical Traders, Member of the Board of the Confederation of Finnish Industries (EK), Chairman of the Board of the German-Finnish Chamber of Commerce, and Deputy Chairman of the Board of the Finnish Family Firms Association. He has also held numerous elected positions in scientific and non-profit organisations.

Magnus Bargum was principal shareholder of Algol Oy for approximately four decades. Beginning in 2011, he has systematically transferred his ownership to the company’s fourth generation, a process that was completed in October 2018.

Martin Granholm – Board membership over two generations of owners

Martin Granholm, D.Sc. (Techn.) h.c., has served on the Board of Directors of Algol Oy since 2004. He was elected Chairman of the Board in 2009. Martin Granholm served as Chairman during the terms of two CEOs and over two generations of owners: first when Magnus Bargum was CEO up until 2012 and since then for more than seven years with the current CEO Alexander Bargum.

Martin Granholm made his career in the paper industry. He served as CEO of Kymmene Oy between 1992 and 1996, after which he served as Deputy CEO of UPM-Kymmene Oyj until 2003. In addition to serving as Chairman of the Board of Algol Oy, he has also served as Chairman of the Board of the VR Group, Åbo Akademi University and the German-Finnish Chamber of Commerce. In addition, he has served as Deputy Chairman or Member of the Board of the Ilmarinen Mutual Pension Insurance Company, the Pohjola Group, the Rettig Group and the International Chamber of Commerce.

"Two factors have been central to the generational transfer at Algol: the trust and loyal contribution of the previous generation on the one hand, and the support of an entrusted independent adviser on the other. Magnus and Martin have both been important role models for the next generation, i.e. my two brothers and myself, and the importance of their work for the entire history of Algol is extremely significant. I extend my warm thanks to both of them. Magnus will continue to be a valued adviser and discussion partner for me in matters related to Algol,” says Alexander Bargum.

Further information

Alexander Bargum, CEO, Algol Oy, tel. +358 40 732 3232.

Algol in brief

Algol is a Finnish multi-branch supplier to industry and the healthcare sector. We work together with a global network of partners responsibly and with 125 years of experience. Algol’s solutions for industry are designed to safeguard manufacturing reliability, enhance processes and prolong the lifespan of machinery and equipment. In the healthcare sector Algol’s solutions promote the conditions for healthy living. 

The Algol Group had net sales of 178 million euros in 2018. We employ almost 500 professionals in ten countries. Read more: www.algol.fi