Anoto’s CEO resigns and the Board of Directors will start a search process for a new CEO
09 October 2023 - 5:30PM
Anoto’s CEO resigns and the Board of Directors will start a search
process for a new CEO
Stockholm, 9 oktober 2023 – Anoto Group AB (publ)’s (“Anoto” or
the “Company”) CEO, Joonhee Won, will step down from his role CEO
of the Company and concentrate on managing Knowledge AI (“KAIT”), a
previous subsidiary of Anoto and currently an associated company to
Anoto.
The Board of Directors of Anoto will form a nomination committee
to replace Joonhee Won, who has served as the CEO of the Company
since 2016. Joonhee Won left Anoto to focus on KAIT in 2021 but
returned to Anoto CEO position in December the same year.
Joonhee Won has agreed to remain as CEO until 15 November 2023
to allow for the Board of Directors to find a new CEO.
"My resignation will complete the deconsolidation of KAIT from
the Anoto Group. There are basically two conditions to achieving
deconsolidation in terms of accounting. One, the ownership of less
than 50%. Two, the lack of control or effective control. Anoto
cannot control KAIT or have effective control over the Board of
KAIT. As a result, my resignation from Anoto is critical to
achieving deconsolidation, which is important as it lightens the
balance sheet and P&L of Anoto but it is also critical to
raising additional funding for KAIT", says Joonhee Won.
"The board will immediately put together a formal process to
find a suitable replacement for Joonhee. I have worked with
Joonhee for more than 10 years and saw Anoto transform under his
leadership. His main contribution was fundamentally changing the
mentality of Anoto: from a hardware to a software company. KAIT is
a brilliant example of how Anoto technology can create a unique and
valuable software company. The Board appreciates his tenacious
effort to push forward with the transformation and wishes him well
at his job as the CEO of KAIT," says Jorgen Durban, Chairman of the
Board of Anoto.
For further information contact:
Jorgen Durban, Chairman of the Board
For more information about Anoto, visit www.anoto.com or email
ir@anoto.com
Anoto Group AB (publ), Reg.No. 556532-3929, Flaggan 1165, 116 74
Stockholm
This information constitutes inside information as Anoto Group
AB (publ) is obliged to disclose under the EU Market Abuse
Regulation 596/2014. The information was provided by the contact
person above for publication 9 oktober 2023 at 08:30 CEST.
About Anoto Group
Anoto is a publicly held Swedish technology
company known globally for innovation in the area of
information-rich patterns and the optical recognition of those
patterns. It is a leader in digital writing and drawing solutions,
having historically used its proprietary technology to develop
smartpens and related software. These smartpens enrich the daily
lives of millions of people around the world. Anoto currently has
three main business lines: Livescribe retail, Enterprise Forms and
OEM. Anoto also holds a stake in Knowledge AI, a leading AI based
education solution company. Anoto is traded on the Small Cap list
of Nasdaq Stockholm under ANOT.
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