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The Swedish industrial giant Sandvik’s CEO, Olof Faxander, has been fired. Jessica Alm, Communications Director at Sandvik, says to Dagens Industri that “the information is correct, but we have no further comments surrounding it.” The decision will reportedly be revealed later this week. The reason behind it is further said to be Sandvik’s failed financial targets, as well as the power struggle that preceded the election of Fredrik Lundberg as Chairman of Industrivärden, which owns Sandvik. Sandvik’s shares rose sharply in the wake of the announcement, and trading was soon halted. SvD Näringsliv reports that the CEO of the Finnish company Wärtsilä, Björn Rosengren, will replace Faxander. The majority of Wärtsilä is owned by Investor AB, and therefore also by the Wallenberg family. A press release from Sandvik on Monday evening confirmed that Björn Rosengren will succeed Olof Faxander as of 1 November 2015.
The appointment was announced amidst other management changes at Swedish companies including new chief executives at Swedish holding company Industrivärden and the bank of Nordea. The appointment of a new CEO at Industrivärden comes in he wake of a luxury jet scandal that has rocked the company.