Lars Engström, president of Sandvik Mining and Rock Technology, is to leave the company during 2019 after the appointment of a successor.
During 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% at the beginning of 2016 to 19% in the fourth quarter 2018.
Engström has been a member of Sandvik’s executive management since 2016 and has helped improve the performance of the business area Sandvik Mining and Rock Technology and its divisions.
Björn Rosengren, Sandvik’s President and CEO, says: “I’m very grateful for Lars Engström’s contributions to the Group. He has built a successful decentralized organization 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”.
The recruitment process for a new President of Sandvik Mining and Rock Technology will now be initiated and the appointment of the new President announced as soon as it is finalised.