Niclas Palmstierna new CEO at Novax with the mission to build future pillars for Axel Johnson

Apr 23, 2024

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

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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