CEO Bruce Grant resigns from external board positions

8/20/2003 10:01 AM EST

CEO BRUCE GRANT RESIGNS FROM EXTERNAL BOARD POSITIONS

Applied Value, a leading international strategy consultancy, today
announced that its Chairman and CEO, Bruce Grant, has announced his
resignation from the Boards of Industriförvaltnings AB Kinnevik, Tele2
AB and Transcom WorldWide S.A. This decision will enable Bruce Grant to
focus entirely on Applied Value's rapid international growth and to
develop its existing client base.

Applied Value is a market leader for high-end growth strategy and cost
efficiency consulting services, and lists world-leading corporations in
both Europe and North America amongst its clients. The number of
international contracts is growing rapidly and comes from an
increasingly broad range of industries.

Bruce Grant, President and CEO, commented: "I've made a difficult
decision to finalize my independence from the Stenbeck Group by
resigning from these board appointments. This decision will allow me
more time to focus on Applied Value's significant growth opportunities
and to strengthen our international position. My relationship with the
late Jan Stenbeck and the Group he built has brought me much
professional and personal joy during the past six years."

For further information, please visit www.appliedvalue.com, email
  or contact Bruce Grant, Chairman & CEO on tel: +1
781 778 1800.

Founded in 1997, Applied Value is a leading international strategy
consultancy providing a comprehensive range of strategy, cost
efficiency, operations and engineering management services from offices
located in Boston, New York, Detroit, London and Stockholm.