Sandvik Group has just announced that Lars Engström, president of Sandvik Mining and Rock Technology, will leave this year after the appointment of a successor.
Mr Engström has been a member of the Group’s executive management since 2016 and headed up the Sandvik Mining and Rock Technology business area. During his tenure, Mr Engström has successfully improved the performance of the business area and its divisions in accordance with the Group’s strategy to ensure stability, profitability and growth.
With Mr Engström’s leadership, Sandvik Mining and Rock Technology’s has grown from about 30 to 44 billion SEK in revenues and the operating margin has improved from 10% in the beginning of 2016 to 19% in the fourth quarter 2018.
“I’m very grateful for Lars Engström’s contributions to the Group. He has built a successful decentralised organisation and significantly strengthened the results of Sandvik Mining and Rock Technology’s divisions. However, we have now together reached the conclusion that it’s time for a new leadership. We have a lot of good talent in Sandvik so I feel confident that we will have several interested and motivated candidates for the job. At the same time, I’m pleased that Lars will stay onboard to ensure a successful transition before leaving”, said Björn Rosengren, president and CEO of Sandvik.
The recruitment process for a new president of Sandvik Mining and Rock Technology will now be initiated and the appointment of the new president will be announced as soon as it is finalised.