Sandvik CEO Olof Faxander has stepped down from the company, to be replaced by the current president of Wartsila.
Faxander and Sandvik’s board announced his leaving the company today, to be succeeded by Björn Rosengren, currently President and CEO of Wärtsilä Corporation, who will step into the role on the first of November.
Matas Backman, Sandvik’s CFO, will lead the company until Rosengren joins the company.
Faxander has led Sandvik since 2011.
“He has managed Sandvik through very challenging market conditions and made creditable contributions in the restructuring of Sandvik to a more efficient organisation,” Johan Molin, Sandvik’s chairman, stated.
“The change of President and CEO was initiated by the Board and should be viewed as a next step in Sandvik’s further development.”