Tvilum, the Danish furniture manufacturing giant, has appointed a new CEO following a period of financial recovery. Malene Gammelgaard Nielsen, who currently holds a prominent position at Flexa, will take over the leadership role at Tvilum starting on February 17, 2025. She steps into the role after a year and a half of leadership under main shareholder Birger Østergaard Christensen. Nielsen brings with her a wealth of experience, having served as CEO at Flexa since June 2023, following her tenure a COO from September 2022.
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Malene Gammelgaard Nielsen, the new CEO of Tvilum. Photo: Linkedin.
Peter Bager, chairman of the board at Tvilum, expressed confidence in Nielsen's ability to lead the company, stating, 'She has a great career with many years of experience within furniture, lifestyle and lighting, so she knows the market.' He also highlighted her strong profile, which aligns with Tvilum's needs, noting her history of working in privately owned businesses where she was close to the core of operations. This experience is seen as particularly valuable given Tvilum's focus on cost-effectiveness and its commitment to remaining a cost leader, a philosophy that Nielsen shares.
Before joining Flexa, Nielsen held significant management roles at Verpan and Nine United, contributing to her broad understanding of the furniture industry. Bager praised her approach to executing business strategies, emphasising her ability to 'get things done.' This hands-on leadership is expected to benefit Tvilum as it looks to continue its turnaround.
Tvilum, which faced two challenging financial years resulting in deficits of DKK 77 million in 2022 and DKK 99 million in 2023, has begun to show signs of improvement. Bager noted that while the company's financials for 2024 have yet to be finalised, Tvilum is now back in the black, with a "reasonable profit" expected. He highlighted the significant operational improvements, describing the positive financial change as a "three-digit million amount" compared to 2023. The company's net revenue for 2023 was DKK 1.296 billion, a slight decline from the previous year's DKK 1.409 billion. However, Tvilum's gross profit improved substantially, from DKK 100.5 million in 2022 to DKK 258.7 million in 2023, reflecting successful efforts to improve profitability.
Looking ahead, Tvilum's board believes the company is on the right track, though Bager acknowledged there is always room for further improvement. 'Compared to where we have been, we are on a reasonable course,' he concluded.
As Malene Nielsen prepares to take the helm, Tvilum appears poised to continue its recovery under new leadership, with expectations for sustained growth and profitability in the years ahead.
Source: www.wood-supply.dk