Olof Faxander has been sacked President and CEO of Sandvik with immediate effect, according to a company press release. He will be replaced by Björn Rosengren, currently the President and CEO of Wärtsilä Corp., as of 1 November.
Faxander led Sandvik from 2011. “He 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.”
Mats Backman, currently the Executive Vice President and CFO, will become acting President and CEO until Rosengren takes up his position later this year.
“I know Björn Rosengren as an exceptionally experienced and successful industrial leader,” continued Molin. “He has the experience needed to develop Sandvik into the future.
Faxander has been swept up in a controversy over the use of business jets at SCA, a Swedish forestry and paper company, to fly directors and their families to go hunting trips and sporting events. According to the Swedish newspaper, Svenska Dagbladet, Faxander and his wife travelled on an SCA jet to the London Olympics at the invitation of the company.
Written by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/mining/11082015/sandvik-parts-company-with-ceo-2710/