SKF redesigns Industrial organization to increase competitiveness

SKF is redesigning parts of the Industrial business to further increase its competitiveness and accelerate profitable growth. The new set-up, which will be implemented with immediate effect, will drive business synergies across the full value chain globally and simplify structures to accelerate execution regionally. The functions Operations and Commercial excellence are combined into onewhich will enable a stronger alignment, governance and end-to-end execution across the full value chain. The business area Independent and Emerging Businesses will be discontinued. Its stand-alone entities will be organized in Specialized Industrial Solutions to further strengthen these strategic core businesses as they are tailored according to respective business and market needs. “As the separation of the Automotive business is progressing, we have the opportunity to adapt our set-up for the Industrial business. This is a natural next step in our strategic journey and with clearer and more efficient structures, we will strengthen both our strategic and commercial capabilities,” says Rickard Gustafson, President and CEO. SKF is announcing the following changes in Group Management: Hans Landin,Senior Vice President, Group Commercial Excellence Bearings, is appointed to lead the new organization of stand-alone businesses and assume the role as President Specialized Industrial Solutions. Joakim Landholm,Senior Vice President Group Operations & Chief Sustainability Officer, will assume the role as Senior Vice President Commercial and Operations Development. Susanne Larsson,Senior Vice President Finance and CFO, will in addition to her current role assume the role as Chief Sustainability Officer. Thomas Fröst, President, Independent and Emerging Businesses, will leave Group Management today but will remain in an advisory role during a transition period. “A sharpened industrial focus will evolve our strengths and with this new organizational set-up we aim to create even more progress for our customers and for us as a company. On behalf of SKF, I would also like to thank Thomas for his valuable contribution during many years of employment in building these core businesses, and I wish him all the best for the future,” says Rickard Gustafson.