Press release -
Niclas Palmstierna new CEO at Novax with the mission to build future pillars for Axel Johnson
Niclas Palmstierna has been appointed as the new CEO of Novax, effective June, with the task of building future pillars for Axel Johnson. Niclas Palmstierna has a background that includes roles such as CEO of Tele2 Sweden and the dental care company Oral Care. Novax is the investment arm of Axel Johnson, tasked with building significant future pillars for the group, focusing on areas like Food of the Future, Preventive Health, and Technical Safety.
Niclas Palmstierna began his career within the Kinnevik Group and held early leadership roles, including CEO of Sweden and Head of the Nordic region in the corporate management of Tele2 for five years. Afterwards, he developed and built up the dental care company Oral Care as CEO. Niclas has experience in several industries important to Novax, such as health, energy, and food. In addition, he has held leading roles as CEO, chairman, and on boards of several companies.
Thomas Ekman, CEO of Axel Johnson and the new Board Chair of Novax:
"Niclas Palmstierna has extensive experience successfully leading and developing both large corporations and growth companies. Moreover, Niclas has strong and committed leadership and a view on company building that aligns with Axel Johnson’s belief in businesses as one of the strongest forces for positive societal development. Together with the colleagues at Novax, we have fantastic opportunities to develop important future companies within Axel Johnson."
Niclas Palmstierna, the incoming CEO of Novax:
"I really appreciate the long-term perspective and the values that Axel Johnson and Novax represent. It’s exciting to work with a sharp and skilled team to identify interesting entrepreneurs and then support the operations in their maturation and development. Also, doing this with a sustainable approach, to create a positive impact while building value, makes the mission even more interesting."
Novax invests in and develops small and medium-sized growth companies, focusing on sectors like the Food of the Future, Preventive Health, and Technical Safety. Companies within these areas include Aqua Dental, STC, Apohem, the digital lock company RCO Group, and the ingredient group Ingå Group. Last year, the turnover of the majority-owned companies by Novax was 2.3 billion SEK, while the total turnover of all companies where Novax has a stake was 18.6 billion SEK.
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Axel Johnson is a leading family business in rapid renewal, focusing on the group's 10/50/50 target. The group companies currently consist of wholly-owned Axel Johnson International, AxSol, Martin & Servera, and Novax, as well as the partially owned publicly listed Axfood (ownership stake 50.1%) and Dustin (ownership stake 45%). In 2023, Axel Johnson's net turnover amounted to approximately 127 billion Swedish kronor, and the group companies collectively employ around 25,000 people. Axel Johnson is a family business run by the fifth generation and is owned by Antonia Ax:son Johnson and her family. Axel Johnson is one of four independent groups within the Axel Johnson Group, alongside the real estate company Axfast, the American Axel Johnson Inc., and the management company AltoCumulus.
