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Sweden – Proffice chairman sells up and announces departure

14 January 2014

Lars Murman, Chairman of the board of directors at Swedish staffing firm Proffice (PROEB: SS) informed the company yesterday that he has divested his total holding of Proffice shares. He further informed the company that he is not available for re-election at the 2014 AGM.

Mr Murman has been a member of the Proffice board since 2006 and had been one of the company’s major shareholders. In December, he converted his 1 million A shares into B shares, which he has now fully sold. Based on Monday’s share closing price, he earned an estimated SEK 25.8 million (€2.9 million), according to di.se

Speaking to di.se, Mr Murman said: “It’s totally undramatic. I think the company and industry is facing a new phase. And then I think it’s good to change and bring in new forces. It’s my own choice, I said no when the nominating committee asked if I wanted to stay.”

Within the past six months, the staffing firm has lost both its President and its Chairman. In August, Proffice CEO Lars Kry announced his intention to step down. He was replaced in October by Henrik Hӧjsgaard.

“I think it’s good for the new CEO to get a new chairman from outside the industry. I was born in this industry,” added Mr Murman, whose mother started the agency Stockholm Stenografservice in 1953, the company that would later become Manpower Sweden.

In trading yesterday, the company’s share price closed down -1.9% at SEK 25.30 (€2.85), an increase of +18.8% compared with a year ago. Based on its current share price, the company has a market value of SEK 1.8 billion (€202.8 million).  

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