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Sandvik Appoints New President and CEO
12/15/2010 - Sandvik’s Board of Directors has appointed Olof Faxander as the new President and CEO effective February 1, 2011. Faxander will succeed Lars Pettersson, who is leaving after nine years as CEO.
Sandvik’s Board of Directors has appointed Olof Faxander as the new President and CEO effective February 1, 2011. Faxander will succeed Lars Pettersson who, after nine years as CEO, will leave Sandvik in conjunction with what the company refers to as an impending generation shift in the company’s Group Executive Management.
Faxander has been President and CEO of SSAB since 2006. Prior to this post, he had 10 years of industry experience with senior positions at Avesta Sheffield, Avesta Polarit, and the Outokumpu Group. He is also Chairman of the Board of the trade association Jernkontoret (The Swedish Steel Producers’ Association).
During his time at SSAB, Faxander has successfully strengthened the company’s niche orientation and broadened its geographical focus.
Sandvik’s Chairman of the Board Anders Nyrén said: “Olof Faxander represents the modern leadership required in a changing and increasingly global world. He has broad international experience from intensely competitive markets undergoing change and has proven ability to develop companies for increased value generation. Olof Faxander will now have an important role to play in the company’s continued development.
“At the same time, I would like to thank Lars Pettersson for his model leadership during his nine years as CEO. During this period, the company has strengthened its global market position through its distinct customer focus, its investments in research and development, and the launch of new products, all while managing the recent financial crisis in an exemplary manner. Under Lars Pettersson’s time as President, Sandvik’s market capitalization has increased from SEK 60 billion to SEK 150 billion, which together with dividends generated an annual return of 16%.”
