Gustafson has been CEO at SAS for a decade and also sits on the board of Foundation Asset Management (FAM), SKF’s largest owner.
He leaves SAS with the airline industry in crisis due the pandemic. SAS completed a capital increase in late 2020, a year of deep losses.
SKF generates about 70% of group sales in its far more profitable industrial business, while 30% stems from the automotive sector.
Under Danielson’s leadership, it has been revamping its vast factory network, raised spending on automation, pushed performance-based revenue models and cut costs.
SKF, whose rivals include Germany’s Schaeffler, consistently beat analysts’ forecasts throughout 2020, and in November raised its long-term profitability target. (Reporting by Johannes Hellstrom and Johan Ahlander; Editing by Kevin Liffey)
© Reuters, aero.uk | Image: sas | 12/01/2021 07:41