Swedish bearing giant SKF announces CFO departure, initiates successor search
SKF, the world's leading industrial bearing manufacturer, reveals CFO Niclas Rosenlew's planned exit in January 2025. The Swedish company has begun the process to find a replacement.
SKF, the Swedish industrial giant and global leader in bearing production, has announced a significant change in its executive leadership. The company revealed on July 23, 2023, that its Chief Financial Officer, Niclas Rosenlew, will be stepping down from his position.
According to the statement released by SKF, Rosenlew will continue to serve in his current role until January 2025, providing a substantial transition period of approximately 18 months. This extended notice allows the company ample time to conduct a thorough search for a suitable successor.
Founded in 1907, SKF has a rich history spanning over a century. The company, whose name stands for Svenska Kullagerfabriken (Swedish Ball Bearing Factory), has grown from its humble beginnings to become a global powerhouse in the industrial sector. SKF's innovative spirit was evident from its inception when it invented the self-aligning ball bearing in its founding year.
As of 2023, SKF boasts a workforce of approximately 42,000 employees worldwide, operating in more than 130 countries. This global presence underscores the company's significant role in various industries, including automotive, aerospace, and renewable energy sectors.
"A recruitment process to identify a successor has been initiated."
The company's commitment to innovation and sustainability has been a driving force behind its success. SKF has been actively involved in numerous sustainability initiatives aimed at reducing its environmental impact. This focus on responsible business practices aligns with the growing global emphasis on sustainable industrial operations.
In 2022, SKF reported net sales of approximately 95 billion Swedish Krona, highlighting its substantial market presence. The company's financial performance and strategic decisions are closely watched by investors, as SKF is listed on the Nasdaq Stockholm stock exchange.
As SKF embarks on the search for a new CFO, the industrial world will be keenly observing the transition. The successor to Rosenlew will play a crucial role in shaping the financial strategy of this industrial behemoth as it navigates the evolving global economic landscape.
