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Fritz Schur is stepping down as Chairman and as a member of the Board of SAS from the 2018 Annual General Meeting

January 15, 2018 16:30

SAS AB (“SAS”) hereby wishes to inform that Fritz Schur notified the Nomination Committee that he is not available for re-election as Chairman or as a member of the Board from SAS AB’s 2018 AGM.

Fritz Schur has been a member of the Board of SAS AB since 2001 and its Chairman since 2008.

“In my time on the Board, SAS has undergone a total transformation. Above all, cost levels have declined significantly, which has enabled SAS to lower ticket prices. This has lead to considerably improved competitiveness. After a number of years with negative earnings, for the third consecutive year, SAS has posted billion-krona earnings and, moreover, recently delivered its best results for 20 years. With Rickard Gustafson and his team, SAS has a highly qualified management team and given the expectations for 2018, this is an appropriate moment to change Chairman,” says Fritz Schur.

Fritz Schur has already given the Nomination Committee notice to enable the search for a new Chairman to commence.

SAS President and CEO Rickard Gustafson is grateful for Fritz Schur’s considerable contribution to SAS. “During Fritz Schur’s time as Chairman, SAS has undergone a major transformation to meet increased global competition. Operations have been fundamentally changed, from the destinations offered, the customer offering and the cost structure to production platforms and the aircraft fleet. Fritz Schur’s chairmanship and his considerable commitment have been decisive in this change process and key to bringing about SAS’s current position, where the company can look forward and further strengthen its position as the natural choice for all passengers who need to travel to, from and within Scandinavia,” says Rickard Gustafson.

“It has been both important and challenging to participate in rebuilding a strong SAS, and I would like to thank the state shareholders, Board colleagues, and SAS’s management and employees for a rewarding partnership. SAS is an icon for Scandinavian commerce, and I consider, and always have done, SAS to be an extremely important Scandinavian business and one that cannot be allowed to just fade away. I wish the company the very best on its continued journey,” concludes Fritz Schur.

The AGM of SAS is planned to be held on March 5, 2018.

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