Engström has been a member of Sandvik Group’s executive management since 2016 and headed up the Sandvik Mining and Rock Technology business area.
Sandvik says that during his time at the helm Engström has successfully improved the performance of the mining and rock technology business and its divisions in accordance with the group strategy to ensure stability, profitability and growth.
Under Engström’s leadership Sandvik Mining and Rock Technology has grown from about SEK30bn to SEK44bn in revenues and the operating margin has improved from 10% in the beginning of 2016 to 19% in the fourth quarter 2018.
“I’m very grateful for Lars Engström’s contributions to the group," said Sandvik president and CEO Björn Rosengren. "He has built a successful decentralised organisation 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."
Sandvik says that the recruitment process for a new president of mining and rock technology business will now be initiated and the appointment and a new president will be announced as soon as it is finalised.
