According to a report from Angling International, Rapala VMC Corporation has appointed Jussi Ristimäki as president and CEO of the Finnish lure company.
The article pointed to an 18 percent decline in operating profit over the first six months of 2016 as a reason for the shake up.
Ristimäki replaces Jorma Kasslin, who will become executive chairman of the board. The leadership moves will be effective Sept. 1. Ristimäki, the company's former Chief Financial Officer, will be responsible for operative leadership of the group and implementation of the decisions made by the Board.
Rapala VMC net sales for the first half of 2016 were roughly $157.4 million, down 7 percent from the same period last year. In his final presentation to investors, Kasslin said several of its big markets, including Europe and North America, had experienced challenging trading conditions.
“The first quarter was slower than last year and we were not able to bridge the gap during the second quarter as was expected," he said. “The outlook for the whole year is now more depressed than earlier. While the slowdown in sales in western markets is considered temporary, we can’t reach last year’s results and it is difficult to accurately estimate the future developments in these big markets.”
