- Write by:
-
Tuesday, August 13, 2019 - 10:46:38 AM
-
1320 Visit
-
Print
Mining News Pro - Sandvik’s (STO: SAND) chief executive officer, Bjorn Rosengren, is leaving the Swedish mining equipment maker in November to lead Swiss engineering giant ABB (SWX: ABBN), which is in the midst of a major overhaul that would leave it more focused on robotics and automation.
Rosengren age 60, spent the last four years at Sandvik’s helm implementing a plan to decentralize it in order to make it more efficient and flexible. He will assume the new top post at ABB in February, taking over from chairman Peter Voser, who has been acting as interim CEO since Ulrich Spiesshofer abruptly stepped down in April amid pressure from major investors.
During Rosengren’s tenure, Sandvik shares gained more than 70%
ABB has locked Rosengren into a minimum five-year contract, the company said. Prior to his Sandvik time, he headed Wartsila Corporation, which makes power systems for the marine and power generation markets.
The Swiss engineer spent his formative years at Atlas Copco, a mining solutions provider known by its culture of manager responsibility and asset-light production, which has been emulated at other Nordic companies.
Activist investor Cevian Capital, ABB’s second-largest shareholder with a 5.3% stake, said it fully supported the appointment of Rosengren. The investment firm had been critical of ABB’s complicated structure and had campaigned for a separation of its power grids division, which is now being sold to Hitachi Ltd. for about $6.4 billion. Sandvik chairman, Johan Molin, said the company would embark on the hunt for a new CEO.
Short Link:
https://www.miningnews.ir/En/News/410351
Mining News Pro - Sandvik has agreed to acquire Deswik for digital mine planning software and announced a new Digital ...
Mining News Pro - Global technology company ABB has released a portfolio of solutions that will help accelerate the move ...
Mining News Pro - Sandvik has revealed its TH550B 50-tonne battery-electric truck at MINExpo 2021, utilising the ...
Mining News Pro - Dana Australia is backing the maintenance of electric mining vehicles at TAFE Queensland’s ...
Mining News Pro - Sandvik has taken full ownership of Rocbolt technologies in China, South Africa and Mongolia, while ...
Mining News Pro - Sandvik has signed a long-term lease to build a state-of-the-art warehouse in Perth to consolidate its ...
Mining News Pro - Sandvik has acquired South African-based manufacturer Kwatani, extending its rock processing solutions ...
Mining News Pro - Sandvik Mining and Rock Solutions has released a new tunnelling jumbo, the DT923i, for high power face ...
Mining News Pro - Sandvik has delivered its 100th automated loader in the Asia Pacific region following the delivery of ...
No comments have been posted yet ...