News and Press releases
IR contact: For more information, please contact Mats Hedberg, Investor Relations Manager:
Telephone: +46 70 730 81 27
DDM Holding AG
DDM Debt AB
DDM Treasury Sweden AB
DDM strengthens organisation to accelerate expansion: Andreas Tuczka becomes new CEO and Gustav Hultgren focuses on the Greek market
DDM Holding AG (First North: DDM) announces that it is expanding its management team to support its continued rapid expansion. The Board of Directors has therefore appointed Andreas Tuczka as the new CEO. The previous CEO, Gustav Hultgren, will focus on the recent significant investment in Greece and future opportunities for rapid expansion in the country.
DDM has grown at a fast pace over the last few years. The expansion accelerated during the summer when DDM completed a milestone transaction in Greece with a nominal value of around EUR 1.3 billion. This more than doubled the company’s Estimated Remaining Collections (ERC). In conjunction with the transaction, Greece’s central bank awarded DDM with one of the country’s first servicing licences for NPLs, which opens up a NPL market estimated to be greater than EUR 130 billion.
“DDM is in an extremely expansive phase. The Greek NPL market is one of the largest in Europe and the need to service this debt is considerable. As one of the first companies with a servicing licence in Greece, DDM has excellent preconditions for rapid and profitable expansion in the country,” says Kent Hansson, Chairman of DDM, and continues: “Through this strengthening of the management team, we have created the necessary prerequisites to optimally leverage the window for rapid expansion available in the Greek market, while our focus on profitable growth in Central and Eastern Europe will continue.”
DDM’s new CEO, Andreas Tuczka, has extensive experience in the distressed assets and NPL industry. Since the Annual General Meeting in May 2017 he has served as a member of the board and Chairman of the Investment Committee, but will no longer be on the board going forward. Andreas Tuczka's family foundation is also one of DDM’s largest (indirect) shareholders with approximately 1.8 million shares in DDM, corresponding to approximately 13% of the company’s shares outstanding.
This is information which DDM Holding AG is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 08:00 CET on 11 September 2017.