Magnus Brännström to step down as CEO of Oriflame – recruitment process initiated

2023-05-22 15:00

Magnus Brännström to step down as CEO of Oriflame - recruitment process initiated

After more than 26 years with Oriflame, of which 18 as its CEO, Magnus Brännström has decided to step down as Chief Executive Officer and President. The Board of Directors has initiated a process of appointing a successor.

"I am greatly honoured to have been part of Oriflame's mission to change many people's lives around the world. After considerable personal reflections, and discussions with the Board, about how long I should stay as CEO, we believe the timing now is right for me to hand over the baton to a new leader. With various opportunities and challenges ahead it is time for a new CEO to come on board, and together with his or her team lead Oriflame into the future. It is of course with mixed feelings I announce these plans. Oriflame will always be part of my heart and I will now focus on ensuring a smooth handover", Magnus Brännström comments.

"I would like to thank Magnus for his time as CEO of Oriflame. His exceptional leadership has been instrumental in navigating our company through many changes and challenges as well as multiple victories and successes. Magnus's steadfast commitment to upholding Oriflame values and his genuine care for our employees, Brand Partners and leaders, has made him a true role model of human leadership. On behalf of the Board of Directors and the af Jochnick family I thank Magnus for everything he has done for Oriflame and for the legacy he has created", says Alexander af Jochnick, Chairman of the Board.

A recruitment process for a new CEO has been initiated by the Board, and as soon as there is a decision made on the incoming CEO, this will be announced. Magnus Brännström will remain a member of the Board and CEO until the incoming CEO has been announced and handover completed.

For additional information, please contact:

Alexander af Jochnick via
Vanessa Wendle, Investor Relations, +41 799 220173

We are Oriflame
Founded in 1967, Oriflame is a social selling beauty company with sales in more than 60 countries. Its portfolio of Swedish, nature-inspired, innovative beauty products is marketed through more than two million members, generating annual sales of almost one billion Euro (2022). Respect for people and nature underlies Oriflame's operating principles and is reflected in its social and environmental policies. Oriflame supports numerous charities worldwide and is a Co-founder of the World Childhood Foundation.