Nobia CEO to step down

Nobia, the parent company behind Magnet Kitchens, has announced that its president and chief executive, Jon Sintorn is to step down from the role.

According to the company, he will be leaving to pursue a new role at another listed company, but plans to remain as Nobia CEO until June 30, 2024.

Nobia said that under his leadership, the company had made significant strides in its plan to become a “modern and leading kitchen specialist”.

Chairman of Nobia’s board of directors, Jan Svensson, said that despite the news, there was still a strong plan in place at the company. “We have made significant progress on our strategic plan, and we still have some way to go on the transformation journey before it is complete and while the timing with Jon leaving is not ideal, I respect his decision,” he said.

Svensson added: “The operational phase of the new factory in Jönköping has started, the repositioning of the UK business is well underway and considerable work is being undertaken to strengthen the balance sheet.

“I have appreciated working alongside Jon and extend my thanks for his leadership and contributions in running the business as well as driving the transformation while navigating the business through various challenges in a turbulent market.”

Reflecting on his time at Nobia, Sintorn said that the past few years had been fulfilling, fun and challenging. “Our strategic initiatives, including the harmonisation of Nordic operations, restructuring of the UK business, and the investment in a state-of-the-art automated factory in Jönköping will mark significant milestones for the company and I am proud of our collective achievements. I will continue to dedicate my full focus to Nobia in the coming months and look forward to following Nobia’s continued journey.”

Nobia says it has already begun the search for Sintorn’s replacement, which was progressing well.

The company also just announced its most recent financial results, which included an unfortunate 150% decrease in Nobia’s profits.

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