Swedish manufacturer Sandvik announced that it has ousted President and CEO Olof Faxander, and that it will replace him with Björn Rosengren, whose appointment is effective Nov. 1.
Faxander, who served as president and CEO since 2011, "has managed Sandvik through very challenging market conditions and made creditable contributions in the restructuring of Sandvik to a more efficient organization,” said Johan Molin, chairman of Sandvik. “The change of president and CEO was initiated by the board and should be viewed as a next step in Sandvik’s further development”.
Rosengren is president and CEO of Wärtsilä Corp., and prior to that he held several management positions at Atlas Copco, in total for about 13 years. Mats Backman, executive vice president and CFO, will serve as interim president and CEO.
