IVA's Gold Medal 2024: Gerteric Lindquist – the blacksmith's son who put Swedish energy technology on the world map
As CEO of the energy technology company NIBE, Gerteric Lindquist has been involved in putting Sweden as an energy technology nation on the world map. Over the course of more than three decades, he has developed NIBE from a small company in Småland with 300 employees to a global group that is a world leader in the manufacture of heat pumps, among other things. A choice that has proven increasingly important in the accelerating electrification of society.
When Gerteric Lindquist took over the leadership of NIBE in 1988, it was a small Småland energy technology company that had been manufacturing electric heating elements, water heaters and stoves since the 1950s, but which had only recently taken the step of starting to develop and sell heat pumps. It was a technology that the company saw great potential in, as it had already predicted today's electrification and an accelerating need for energy solutions that are not based on fossil fuels.
During his 36 years as CEO, Gerteric Lindquist has managed that lead and developed NIBE into a global group with 22,000 employees and a turnover of almost SEK 50 billion. Through his drive and business acumen, he has taken the company to a world-leading position in heat pump technology. He has succeeded in doing so without losing the company's entrepreneurial vein or being tempted to move the head office from Markaryd, Småland, where NIBE's journey once began. His performance has been characterized by determination and an unbending belief that anything is possible.
“There are only two limitations in life: health and thought. I believe that at NIBE, we are very much driven by the idea that it is indeed possible. I also believe that I personally have a great drive within me, but also a joy in being able to create something meaningful and to dare to show emotions.”
Jury citation
CEO Gerteric Lindquist is awarded IVA's Gold Medal for his unique contribution to developing the company NIBE over 40 years from a small company in Småland to become a world-leading company in the field of heat pumps. Gerteric Lindquist's contribution as a business leader and business developer is one of the unique business leadership efforts of the past 40 years. He has combined powerful leadership with great business acumen.
About Gerteric Lindquist
Gerteric Lindquist was born in 1951 in the village of Eskilsryd outside Nybro in Småland, where his father worked as a blacksmith. He graduated as a Master of Science in Mechanical Engineering from Chalmers University of Technology in 1974. He also holds a degree in Business Administration from Uppsala University. After his studies, he spent a few years at the Swedish Trade Office in Toronto. In Canada, he was recruited for his first position at NIBE, as export manager for seed drills. In 1981, Gerteric Lindquist left NIBE and worked for a few years at Scandinavian Trading Company and as export manager at Assa Abloy, before being recruited back to NIBE in 1988. This time as CEO, a position he still holds at the age of 72. In 1989, he, along with several other employees and two co-financiers, acquired the company from its then-owner.
Gerteric Lindquist has received several awards for his leadership and contributions to Swedish business, including H.M. The King’s Medal in gold of the 12th size (2021) and the Gustaf Dalén Medal in gold (2018), awarded by the Chalmers Engineering Association.
NIBE Industrier AB has been a member of IVA’s Business Executives Council since 2018.
IVA's Gold Medal
For more than a century, IVA has celebrated excellence in technology, economics, business and society by awarding Gold Medals to people who, through their outstanding achievements, have helped to create a better society.
IVA's Gold Medal is awarded for meritorious work within the academy's field of activity.
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