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Electronics Production | February 26, 2008

Changes in Perlos' top management

President and CEO Matti Virtanen resigns from Perlos' service. Perlos' Board member Mr Cor Saris is nominated as the new President and CEO.

President and CEO Matti Virtanen resigns from Perlos' service due to family reasons. Lite-On (Finland) Oy, currently holding 95,84 % of Perlos' shares, will suggest to the annual general meeting that Matti Virtanen will be selected as a member of Perlos' Board. In this position, he will also continue as senior advisor for Lite-On Group in questions regarding integration of Perlos and Lite-On, strategy work, operations and customer relations. Besides that, Matti Virtanen will return to run his own top executive consultancy company, Virtanen Consulting GmbH in Germany. The resignation will take effect on May 26th, 2008. - This was a very difficult personal decision for me. Perlos aims to be one of the top three suppliers in the mobile handset industry in a few years time, and this development phase requires from the CEO more and more focus and presence in Asia. Due to family reasons I don’t have the opportunity to spend the necessary time there. After profound consideration and weighing different alternatives together with Lite-On management and owners, I decided to step aside at this point, says Matti Virtanen. Perlos' Board member Mr Cor Saris is nominated as the new President and CEO. He will start in his new position on May 27th, 2008 and use the three months period orienting himself with the company and industry. Cor Saris is originally from the Netherlands and he has long experience in executive positions at Philips in consumer electronics, IT and automotive electronics industries. Currently he works as a Vice President at Lite-On New Business Development. - I am really excited about this opportunity and I truly believe that we can turn Perlos into one of the most significant suppliers in the mobile handset industry, says Cor Saris. - Matti Virtanen has made a tremendous turnaround in Perlos, and the company is now ready for the next phase. We respect his decision and we are sorry to see him leave. However, we are happy to have him in the Board and continue the good co-operation. We are also glad to find a replacement within the Group. This change will have no impact on previously communicated priorities and focus of the company, says Warren Chen, Vice Chairman of Perlos and Deputy CEO of Lite-On Group.
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