Grundfos’ CEO and Group President Niels Due Jensen will

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Grundfos’ CEO and Group President Niels Due Jensen will Powered By Docstoc
					Press release, 26 June 2002:

Grundfos’ CEO and Group President, Niels Due Jensen, will turn 60 in the spring of
2003 and as a consequence of that he has decided to retire from his position. The
Board of Directors of Grundfos Management A/S have decided to appoint Executive
Vice President, Jens Jørgen Madsen (52), as Group President and CEO of Grundfos
Management A/S from 1 January 2003.

“Jens Jørgen Madsen was selected by the Board to succeed me because of his qualities
as a leader, which he has clearly demonstrated throughout his more than 25 years of
employment at Grundfos. He knows how to listen to customers as well as employees,
he thinks strategically and acts accordingly and, most importantly, he represents the
values and the culture that have made Grundfos the world’s leading pump manufac-
turer,” says Mr. Niels Due Jensen.

In his new position Mr. Madsen will be responsible for a corporation with 11,000 staff
around the world, distributed in 58 companies in 43 countries, and with a turnover of
DKK 10.2 billion (€ 1.36 billion) in 2001.

With an MBA from the Aarhus Business School in Denmark he came to Grundfos in
1975 as a systems consultant and he later became a systems manager. In 1985 Mr.
Madsen was appointed Vice President for Finances and since 1991 he has been Group
Executive Vice President and member of Group Management, his responsibilities be-
ing Group Finances, Group IT, Corporate Planning, and Group Marketing. In 1996 his
area of responsibility was expanded to include Grundfos Finance A/S, the Group’s in-
ternal bank, through the appointment as Chairman of the Board. Mr. Madsen is mar-
ried to Mrs. Ellen Marie Madsen and has got two adult sons.

Since 1985, Mr. Madsen has been Chairman of the Board of a number of Grundfos
sales companies. To ensure optimum output of the Group’s acquisitions Mr. Madsen
has been actively involved in this area – from the primary stages of negotiations to the
post-acquisition process. Today, in addition, he is the Chairman of the Board of the
German sales company, which is the Group’s largest. He is also the Chairman of the
Board of the very important Eastern European sales region and of the two acquired
companies based in Italy, DAB Pumps and Leader Pump Group.

Mr. Due Jensen is expected to succeed Mr. Lars Kolind as Chairman of the Board of
Grundfos Management A/S in connection with the annual shareholders’ meeting in
April 2003, and Mr. Due Jensen will thereby become Group Chairman of the Board. Mr.
Kolind is anticipated to carry on as Member of the Board of Grundfos Management

Together with his wife, Mrs. Minna Due Jensen, Mr. Due Jensen will continue to work
as an ambassador in relation to the Grundfos companies around the world where Mr.
and Mrs. Due Jensen will focus on meeting the employees, hereby contributing to
strengthening the Group’s corporate culture which is so rich in tradition and has a
unique set of values.

From the turn of the year, Mr. Due Jensen will become chairman of the Group’s Re-
search and Technology Committee, in which position he will take part in ensuring that

D:\TEMP\Pressemedd. lederskifte, version 2, 25.06 GB .doc
Grundfos maintains its historic position as the world’s leading pump manufacturer
technologically and with regard to its products.

D:\TEMP\Pressemedd. lederskifte, version 2, 25.06 GB .doc

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