Christophe Sut, President of Sandvik Manufacturing Solutions, to leave Sandvik

Rhea-AI Summary

Sandvik AB announces the departure of Christophe Sut, President of Sandvik Manufacturing Solutions, who will leave the company on August 11, 2023, to take on a CEO role elsewhere. Sut has significantly contributed to enhancing Sandvik's digital manufacturing capabilities. CEO Stefan Widing expressed regret over Sut's departure but acknowledged the company's strength in developing leaders. With approximately 40,000 employees and revenues nearing 112 billion SEK in 2022, Sandvik continues to focus on optimizing manufacturing and mining processes.

Positive

• Christophe Sut enhanced digital manufacturing capabilities at Sandvik.
• Demonstrates Sandvik's ability to develop strong leaders.

Negative

• The departure of a key executive may lead to uncertainty in the company.
• Succession planning for the President of Manufacturing Solutions is now required.

News Market Reaction

+1.11%

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+1.11% News Effect

On the day this news was published, SDVKY gained 1.11%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

STOCKHOLM, Feb. 13, 2023 /PRNewswire/ -- Christophe Sut, President of Business Area segment Sandvik Manufacturing Solutions, has decided to leave Sandvik for a CEO position in a different company. He will leave Sandvik as of August 11, 2023. The process to find a successor will now be initiated.

"Christophe Sut has made a strong contribution during his time at Sandvik, strengthening our digital manufacturing offering. He has been an appreciated member of the Group Executive Management. While we of course would have liked to see him stay at Sandvik, this also shows our capability to build excellent leaders within Sandvik. I wish him all the best for the future," says Stefan Widing, CEO and President of Sandvik.

Stockholm, February 11, 2023

Sandvik AB

For further information, contact Louise Tjeder, VP Investor relations, phone: +46 (0) 70782 6374 or Johannes Hellström, Press and Media Relations Manager, phone: +46 (0) 70721 1008

Sandvik Group

Sandvik is a global, high-tech engineering group providing solutions that enhance productivity, profitability and sustainability for the manufacturing, mining and infrastructure industries. We are at the forefront of digitalization and focus on optimizing our customers' processes. Our world-leading offering includes equipment, tools, services and digital solutions for machining, mining, rock excavation and rock processing. In 2022 the Group had approximately 40,000 employees and revenues of about 112 billion SEK in about 150 countries within continuing operations.

The following files are available for download:

https://mb.cision.com/Main/208/3713291/1842696.pdf

Christophe Sut, President of Sandvik Manufacturing Solutions, to leave Sandvik

 

View original content:https://www.prnewswire.com/news-releases/christophe-sut-president-of-sandvik-manufacturing-solutions-to-leave-sandvik-301744807.html

SOURCE Sandvik

FAQ

When will Christophe Sut leave Sandvik?

Christophe Sut will leave Sandvik on August 11, 2023.

What role did Christophe Sut hold at Sandvik?

Christophe Sut was the President of Sandvik Manufacturing Solutions.

What is the stock symbol for Sandvik?

The stock symbol for Sandvik is SDVKY.

What impact might Sut's departure have on Sandvik's stock?

Sut's departure could create uncertainty, potentially impacting Sandvik's stock performance.

How did Christophe Sut contribute to Sandvik?

Christophe Sut significantly enhanced Sandvik's digital manufacturing offerings.