Sandvik appoints Olof Faxander as new president, CEO

Sandvik's Board of Directors has appointed Olof Faxander as new president and CEO with effect from 1 February 2011. Olof Faxander will succeed Lars Pettersson who, after nine years as CEO, will leave Sandvik in conjunction with an impending generation shift in the company's Group Executive Management. The change has been made in light of a homogeneous age structure and allows a new President to personally shape the future executive management team. 

Olof Faxander was born in 1970 and holds an M. Sc. and B. Sc. He has held the position of President and CEO of SSAB since 2006. Prior to this, Olof Faxander had ten years of solid industry experience from 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, Olof Faxander has successfully strengthened the company's niche orientation and broadened its geographical focus. In addition, he has demonstrated a renowned ability to build organisations and develop its employees. 

Sandvik's Chairman of the Board Anders Nyrén had the following comments on the change: "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. Sandvik is a knowledge-based company and Olof Faxander will now have an important role to play in the company's continued development".