CLI Cls Holdings Plc

RNS Number:1853L
CLS Holdings PLC
5 October 2001


        Appointment of Vice Chairman and Chief Financial Officer.

The board of CLS Holdings PLC, the quoted property company, is pleased to 
announce a strengthening of the company's management team with the appointment 
of a new Vice Chairman as Acting Chief Executive and a Chief Financial Officer 
to the board.

In addition, the company has created the new post of Property Development 
Director as a non-main board appointment to reinforce the new structure still 
further. This, together with the company's financial strength and substantial 
cash resources, will enable CLS to take advantage of existing and future 
opportunities in the property market.

The appointments mean the promotion of CLS Holdings' General Counsel and Company
Secretary Tom Thomson to Vice Chairman and Acting Chief Executive. Dan Baverstam
becomes Chief Financial Officer having served as Corporate Finance Director and 
Head of Treasury. Steven Board becomes Chief Operating Officer and Company 
Secretary. All three have long associations with the company and its core 
properly business. In addition Per Sjoberg, who has had responsibility for the 
refurbishment of the group's properties at Solna in Stockholm over the past 
year, becomes Property Development Director with responsibility for enhancing 
group property portfolio value.

The restructuring sees the departure of Glyn Hirsch who leaves as Chief 
Executive after six-and-a-half years in the role to pursue new opportunities.

Commenting on the changes CLS Holdings' Executive Chairman, Sten Mortstedt said:
"We are confident that the new management team will continue the Company's 
success. We wish Glyn every success and thank him for his valuable 
contribution."

Glyn Hirsch said: " I have decided it is time for me to move on after more than 
six years at CLS Holdings and have identified a number of opportunities within 
areas of interest."

No other changes to the board have been made. Sten Mortstedt remains as 
Executive Chairman and Keith Harris, James Dean, Thomas Lundqvist and Bengt 
Mortstedt as non-executive directors.

Note to Editors:

Tom Thomson (50)

Tom Thomson has a BA (Hons) in law from Kent University and qualified as a 
solicitor with Reynolds Porter Chamberlain in 1976. From 1979 to March 1994 he 
was a partner with Taylor Walton Solicitors. He has been company secretary and 
solicitor to the CLS group since its inception in 1983, initially as a partner 
in Taylor Walton and since 1994 as General Counsel to the group.

Dan Baverstam (46)

Dan Baverstam graduated from Stockholm School of Economics in 1979 and 
subsequently completed a Business Studies course at CERAM Sophia Antipolis in 
France. He began his career with Wermlandsbank and PK Bank in Sweden. He then 
became Assistant Treasurer of AB Astra, now Astra Zeneca, responsible for 
foreign exchange and interest rate management. In 1987 he moved to the UK and 
become General manager of the Treasury Operations of Svenska Finans 
International, part of the Svenska Handelbanken. He joined CLS in October 1991 
and is responsible within CLS for corporate financing and treasury operations 
and for the group's French property acquisitions.

Steven Board (46)

Steven Board, FCCA, joined CLS in December 1998 with overall responsibility for 
the group's Europe wide financial and IT systems, financial reporting and 
personnel and administration matters. Prior to joining the group he worked for 
St George PLC for seven years. As Finance Director he was responsible for all 
aspects of financial reporting and cost control across the three independent 
operating regions within the group. He also held directorships within the Alfred
McAlpine Group and senior management positions within British Telecom. He 
qualified as an accountant in 1980.

Per Sjoberg (39)

Per Sjoberg joins CLS from Aktiv Byggledning AB of which he was owner/MD. The 
firm specialised in property and project management and included many of 
Sweden's leading property companies as clients. Previously he was a project 
leader and marketing manager with Dynamik Projktledning AB. Between 1991-1994 he
was production manager for ABV Rock Group KB, Saudi Arabia, involved in one of 
the world's largest construction projects. He had been employed before by a 
number of Scandinavian construction and property companies.

For further information please contact:

Sten Mortstedt, Executive Chairman, CLS Holdings PLC 
Tel: 020 7582 7766

Tom Thomson, Vice Chairman, CLS Holdings PLC
Tel: 020 7582 7766

Adrian Lithgow, Senior Account Director, Lehmann Communications plc
Tel: 020 7226 2030

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