Olaf Faxander, the new CEO of Sandvik (left) with the new CEO of SSAB, Martin Lindqvist.
Olaf Faxander, the new CEO of Sandvik (left) with the new CEO of SSAB, Martin Lindqvist.

Faxander will succeed Lars Pettersson who, after nine years as CEO, will leave Sandvik as part of what the company calls “an impending generation shift” in the company’s group executive management. 

He previously worked as president and CEO of SSAB and had senior positions at Avesta Sheffield, Avesta Polarit and the Outokumpu Group. He is also chairman of the board of the trade association Jernkontoret, the Swedish Steel Producers’ Association.

“Olof Faxander represents the modern leadership required in a changing and increasingly global world. Sandvik is a knowledge-based company and Olof Faxander will now have an important role to play in the company’s continued development,” said Sandvik’s chairman of the board, Anders Nyrén. “At the same time, I would like to thank Lars Pettersson for his model leadership during his nine years as CEO. Under Lars Pettersson’s time as President, Sandvik’s market capitalization has increased from SEK 60 billion to SEK 150 billion, which together with dividends, generated an annual return of 16%.”