Magnus Nicolin has resigned as president/CEO of Esselte and has been replaced by Gary Brooks, president of the firm’s US filing division.
Nicolin has elected to leave the company to invest his energy in other ventures. In an email to colleagues and friends, Nicolin, who became president/ CEO in July 2002 after the purchase of Esselte by private equity firm JW Childs Associ-ates, said of his departure: "The completion of the Dymo divestment to Newell Rubbermaid is a logical point for me to move to the next challenge."
His replacement at Esselte, Gary Brooks, who will also continue as head of the US filing division, is expected to bring a new management style to the company’s helm and take it to the next level of growth.
Brooks told OPI: "Magnus’ vision was to take time, energy and resources into Dymo and he felt that he accomplished that goal. I have a broader experience in lean management, having executed and changed firms before through lean management."
But Brooks claims he is not as strong as Nicolin from a European standpoint and told OPI that he plans to leave 99 per cent of Esselte’s European management to the leaders on the other side of the pond, such as Cezary Monko, head of the European division.
News of Nicolin’s departure came just days after Newell announced it had completed its acquisition of Dymo for approximately $730 million.
(see ‘Baton to Brooks’, pg 34)