Sandvik: President of Sandvik Venture, R&D Head Retires

    By Dominic Chopping 
 

STOCKHOLM--Swedish engineering company Sandvik AB (SAND.SK) said Friday that Anders Thelin, President of the Sandvik Venture business area and with overall responsibly for the Group's research and development activities, will leave his position and retire according to the current agreement.

 
   MAIN FACTS: 

-He will leave the Sandvik Group on Oct. 31, 2012.

-Tomas Nordahl, member of Group Executive Management and Head of IT, sourcing and strategy, has been appointed the new President of Sandvik Venture effective Nov. 01, 2012.

-Nordahl will retain his current assignments in parallel with the new area of responsibility.

-Olle Wijk, Chairman of Sandvik's R&D Board and Director of Technology and Research at the Sandvik Materials Technology business area, will assume overall responsibility for the Group's research and development as of Nov. 01, while also retaining his current assignments in the business area.

-Wijk will also become a member of Sandvik's expanded Group Executive Management team.

-At 0728 GMT shares traded 0.1% lower at SEK88.40.

-Write to Dominic Chopping at [e-mail]

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