Updated 2015-08-11 14:07. Published 2015-08-11 13:56
Johan Molin , president of Sandvik.
Photo: Claes-Göran Flinck
Praxis, says the industrial group Sandvik’s Chairman Johan Molin about the sacked CEO Olof Faxander parachute of 30 million. And he tones down the internal criticism surrounding the relocation of the head office to Stockholm.
Faxander may leave the job as CEO of Sandvik. Björn Rosengren, currently CEO of the Finnish Wärtsilä takes from November over the controls in the Swedish company.
As Di could report on Monday lands Faxander say the least soft. His contract gives him no severance pay, but because it is now denouncing him a notice period of 24 months with full pay, which means 22 million in compensation. Including pension provisions, it will be upwards of 30 million.
Is it reasonable that a president who has not been delivered may be 30 million in parachute?
“It is a contracts are legion for all CEOs. You will see that there is a risk to go into this kind of job and therefore it has been 24 months. There is competition to get good employees and CEOs, and it is market conditions today, “says Sandvik’s Chairman Johan Molin during a press conference on Tuesday.
Faxander has been severely criticized internally among other things, the relocation of the head office to Stockholm. But Johan Molin play down the matter.
How much internal criticism for, among other things, the relocation of the headquarters recorded?
“It was natural for Sandvik moved headquarters. It is a global organization with annual sales of more than SEK 90 billion, and it would have been strange if small Sandviken would account for the headquarters when the business is so global. Then we have very competent people in Sandviken and they have made great efforts, “says Johan Molin.
On the question of whether it is necessary to move back the headquarters to Sandviken gives the newly appointed CEO : n Björn Rosengren no clear answer to the current situation.
Sandvik share has fallen 26 percent in the Olof Faxander’s time as president.
Bear Rosengren is currently CEO of the Finnish Wärtsilä and will assume his new job at Sandvik November 1, 2015.
When shareholders can expect to see a Rosengren Effect?
“It is a great company to put themselves into. In the end, it’s about creating an environment for the businesses we have so that everyone can focus and drive profitability in the company. It is not I who will reverse it, but the people who are in Sandvik. Any other way is not, “says Björn Rosengren.
How do you see the ongoing austerity programs?
” It is clear that it is extremely important. Personally, I do not think we will see some major changes in the world but this is the new normal. You must ensure that the suit is customized and you must be able to make money even in these times. If existing programs enough we’ll see, “says Björn Rosengren.
The change of CEO got Sandvik share to rush by over 6 percent on Monday morning, but there was then a decline. At 13:30 o’clock summarizes rise to 3 percent.
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