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MTG announces CDON board members ahead of spin-off

MTG has announced a number of new appointments to the board of directors of its wholly-owned subsidiary CDON Group.

CDON Group comprises all of MTG’s internet retailing operations and is expected to be spun-off from MTG by means of a demerger and distribution of CDON Group shares to MTG shareholders in the fourth quarter of 2010. Lars-Johan Jarnheimer, Mia Brunell Livfors and Henrik Persson have been appointed to the board as non-executive directors.

Jarnheimer is independent of MTG, and the management and shareholders of CDON Group. He is currently a member of the board of  INGKA Holding, the parent company of IKEA. Brunell Livfors and Persson represent Investment AB Kinnevik, which is MTG’s largest shareholder and will therefore become CDON Group’s largest shareholder following the planned demerger from MTG.