Faxander replaced by Wärtsilä’s current CEO, Björn Rosengren, who will take over on 1 November. In the meantime, the CFO Mats Backman function as acting President and CEO.
Mr Rosengren is 56 and has been CEO for the Finnish Wärtsilä since September 2011 when recruited from Atlas Copco, a company he had been working in under 13 .
Just after half past nine had Sandvik shares rose 5 percent on the Stockholm Stock Exchange.
The CEO is expected to buy stocks
The engineering company Sandvik’s incoming CEO Björn Rosengren is expected to invest privately in the company. It said Chairman Johan Molin at Tuesday morning’s press conference on the occasion of Faxander may leave the company and Wärtsilä’s CEO Björn Rosengren takes over.
“I am a shareholder and I am pretty sure that Bjorn will be a shareholders, “said the president.
There is no direct link between share price and executive compensation is not, however, indirectly through the company’s results and a number of incentive programs, it appeared on.
Some comments on strategy changes wanted senior management does not provide. Björn Rosengren takes office on 1 November and during the time it is “business as usual” for the acting CEO Mats Backman.
“We have many great projects underway in Sandvik. It is Mats Backman’s task of focusing on them and to keep customers happy in the meantime, “said Johan Molin, referring to the ongoing cost and structural programs.
Mr Rosengren suggested that at least the first six months as president would be to learn about the company and consider the future strategy.
As the CEO of the Finnish Wärtsilä however, he has seen how important a large aftermarket business is the stability and development of the gas segment is him also in the heart, he said.
Not clear why Faxander had to go
Exactly why Faxander had to leave the company said the president did not.
“Olof has had a pretty difficult time with very challenging market conditions. In semi-annual report, we could see that the challenges continued. We thought then that it was a good time to start over, “he said.
That there is a dissatisfaction with the many projects that have been launched have not resulted in better Results showed however.
“Olof has done many good things, but unfortunately it has not been enough. /…/ It was the Board’s view that it would be very difficult to unite around a new round (of action), “he said.
” I have traveled around with Olof and seen much that was good but also some who definitely could be better. My conclusion would be that it was necessary to resort to a new level, and then it was better to do it with someone new at the helm. “
The conclusion was reached after about six weeks.
CEO -bytet connected with what happened at Sandvik, and not with the changes in positions at Industrivärden Sphere, stressed Johan Molin.
“Faxander worked for Sandvik and what happened (change of CEO) is linked to Sandvik, “he said.
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