Alexander Bargum and Joakim Flinck
The Board of Directors of Algol Oy has today (30 January 2025) appointed Joakim Flinck, M.Sc. (Econ.), Group CEO. The appointment will take effect on 1 April 2025. Joakim Flinck has served as Chief Financial Officer (CFO) of the Algol Group since 2019 and as Group Deputy CEO since 2020. He succeeds Alexander Bargum, LL.M., who became Group CEO in 2012 after serving as a member of the company’s Board of Directors since 2006.
Algol Oy’s largest shareholders have also agreed that Alexander Bargum, one of the principal shareholders, will become the company’s full-time Chairman of the Board of Directors as of 1 April 2025, after the Annual General Meeting. At that time, Joakim Flinck will also be elected as a member of Algol Oy’s Board of Directors.
With these changes, the Board of Directors of Algol Oy, as the parent company, will focus more strongly on the Group’s ownership strategy, financing and steering of shared functions, as well as Group-level financial monitoring and reporting, sustainability reporting and risk management. The boards of Group companies will continue to be responsible for the strategic steering and monitoring of their own business operations.
The parent company’s Board of Directors will be scaled down in such a way that current members who are independent of the company and shareholders, Kaj Hedvall (Member of the Board since 2011, Chairman since 2020), Kenneth Nystén (Member of the Board since 2017) and Kristina Pentti-von Walzel (Member of the Board since 2022) will resign from their positions.
In addition to Alexander Bargum and Joakim Flinck, Algol’s other principal owner, Johannes Bargum, who has been with the company since 2011 and a Member of the Board since 2018, will continue to serve on the parent company’s Board of Directors. All three also sit on the boards of the Group companies, with Alexander Bargum serving as their Chairman. Otherwise, the boards of the largest Group companies, Algol Chemicals Oy, Algol Technics Oy, Algol Trehab Oy and Histolab Products AB, comprise members who are independent of the companies and their owners.
“The independent board work of our Group companies was introduced in 2020, and this management model has proven its effectiveness in terms of business and the Group’s multi-sector strategy. The parent company’s board has developed especially its practices related to the ownership strategy since then. In this way, we have created the conditions for the change that has now been decided, in which the scope of tasks of the different boards will be further clarified. This will bring more efficiency and agility to our board work at different levels,” says Alexander Bargum.
“I would like to thank the outgoing members of the Board of Directors of Algol Oy for their valuable work, which has required a strong commitment to ownership issues, as well as close monitoring and in-depth understanding of business operations. In the company’s history, it has been customary for either the CEO or the Chairman of the Board to come from outside the ownership circle. Now, for the first time in almost 40 years, we are entering a phase where the CEO does not represent the ownership family. As Chairman of the Board of Directors of the parent company and Group companies, I will continue to actively work for the benefit of Algol as a whole. It is a pleasure to share this work with Joakim Flinck. At the same time, I am very pleased that my brother and other principal owner, Johannes Bargum, has also joined the boards of the Group companies, which will contribute to strengthening the development of the family company,” Alexander Bargum continues.
“I am honoured to accept the duties of Group CEO in such a traditional family company. Over the past five years, we have invested in developing processes and management at Algol. During this time, we have strengthened the Group’s balance sheet and grown our net sales and, above all, operating profit, thereby creating significant shareholder value. This would not have been possible without our skilled and committed employees. I feel that we are well positioned to continue Algol’s sustainable development together with our customers and partners,” says Joakim Flinck.
Further information:
Alexander Bargum, tel. +358 40 732 3232
Media contacts:
Tuulikki Suihkonen, Communication Manager, tel. + 358 50 346 7248
Algol in brief
Algol is a family-owned business and multi-branch group with more than 130 years of experience in international trade. Our Group companies import, market and manufacture products for industry and the healthcare sector. In addition, Algol Group companies offer services related to their business areas, such as design services, tailored delivery solutions, and installation, maintenance and training services. We are building a successful and sustainable future for our partners. Algol employs nearly 500 experts in ten different countries.