Bjorn Rosengren steps down as CEO of Swedish engineering group Sandvik

Bjorn Rosengren will be joining Swiss-Swedish robotics and engineering group ABB Ltd as CEO in February 2020.

Swedish engineering group Sandvik stated, its Chief Executive Officer Bjorn Rosengren will be stepping down from 2020; he will be joining Swiss-Swedish robotics and engineering group ABB Ltd as CEO.

ABB also released a statement to the same effect.

Rosengren has a reputation for turning around under-performing divisions; he will be joining ABB in February 2020, said the engineering group in a statement.

Rosengren will take over from acting ABB CEO Peter Voser who will revert back to his position as chairman of the board at ABB, according to ABB’s statement.

Voser who incidentally is also ABB’s chairman, has pledged to turnaround under-performing units. ABB shares have fallen almost 20% in the last five years.

“Bjorn Rosengren has, since he joined Sandvik in November 2015, established a solid decentralized business model for the company and made the organization more flexible and efficient,” said Sandvik said in a statement while adding it would initiate the work to appoint a new President and CEO later on Monday.

Rosengren, 60, has held several positions in Atlas Copco; he was also the CEO of Finnish engineering group Wartsila between 2011–2015.

Last month, Sandvik, which also makes metal-cutting and mining gear tools, stated it would cut nearly 2,000 jobs to boost its profitability in the face of early signs of slowing market demand.

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