Jens Jørgen Madsen will be resigning from the post of group president of Grundfos from 30 November 2006.

Since Jørgen Madsen took over the position as group president, Grundfos has increased the turnover by around 50% and at the same time doubled the profit, the company says. The target for 2007 which Jørgen Madsen and the board of directors set in 2003 is expected to be reached already in 2006.

However, co-operation between the Board and Jørgen Madsen has been influenced by what Grundfos calls "differing understandings of the working method and tasks of group management and the board" which has lead to Jørgen Madsen resigning from the position as group president three years earlier than originally planned.

The board of directors said in a press release that it "would like to express high recognition and much thank to Jens Jørgen Madsen for his contribution to Grundfos for more than three decades. Today Grundfos is better prepared than ever to meet the future challenges."

Vice group president Carsten Bjerg has been appointed acting group president until a decision is made concerning the new group president. The other members of group management are group executive vice presidents Søren Sørensen and Carlo Prola.

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