SKF Revamps Industrial Structure for Enhanced Performance

SKF Introduces Structural Changes in the Industrial Sector

SKF is committed to adapting its Industrial business to not only enhance competitiveness but also to fuel profitable growth. This strategic reorganization aims to implement changes that will take effect immediately, fostering greater business synergy across the global value chain and simplifying operational structures for quicker execution at regional levels.

New Organizational Structure Designed for Efficiency

In a significant shift, the Operations and Commercial excellence functions have been merged into a single unit. This change is expected to create stronger governance and align processes across the entire value chain. As part of this transition, the Independent and Emerging Businesses area will be phased out, with its entities refocused within Specialized Industrial Solutions, specifically tailored to meet the distinct requirements of their respective markets.

Focus on Strategic Alignment

Rickard Gustafson, President and CEO of SKF, remarks on the reorganization as a pivotal moment in the company's strategy. "With the ongoing separation of our Automotive segment, we can refine our Industrial business to foster clearer and more effective frameworks, ultimately strengthening our strategic and commercial capabilities,” he shares.

Key Management Appointments in New Framework

Furthermore, SKF is announcing significant changes within its Group Management to align with the new structure.

Leadership Changes

Hans Landin, previously the Senior Vice President of Group Commercial Excellence Bearings, will step into the role of President of Specialized Industrial Solutions, overseeing the newly structured stand-alone operations. Joakim Landholm will transition into the position of Senior Vice President of Commercial and Operations Development, focusing on enhancing operational strategies and execution.

Susanne Larsson, serving as Senior Vice President Finance and CFO, will also embrace the added responsibility of Chief Sustainability Officer, underscoring SKF's commitment to sustainable practices in its operations.

Meanwhile, Thomas Fröst, the President of Independent and Emerging Businesses, is set to exit Group Management. However, he will maintain an advisory role throughout the transitional period.

Vision for the Future

Rickard Gustafson emphasizes that the reorganization reflects a sharpened focus on industrial sectors that will bolster SKF's strengths. "With this new organizational layout, we aspire to facilitate even greater advancements for our clients and for SKF as a whole. I would like to extend heartfelt gratitude to Thomas for his long-standing contributions to these core areas, wishing him well in his future endeavors,” he adds.

As SKF embarks on this new path, their ability to adapt will undoubtedly play a crucial role in their continued success and market leadership. The company remains steadfast in its commitment to innovation and delivering exceptional value to both customers and shareholders worldwide.

Frequently Asked Questions

What is the purpose of SKF's organizational redesign?

The redesign aims to bolster competitiveness and promote profitable growth through improved operational efficiency and strategic alignment.

Who will lead the Specialized Industrial Solutions?

Hans Landin will assume the role of President for Specialized Industrial Solutions, guiding the newly formed business units.

What changes occur to the Independent and Emerging Businesses?

This segment will be discontinued, with its entities moved into the Specialized Industrial Solutions framework.

How does this impact SKF's sustainability efforts?

Susanne Larsson will take on additional responsibilities as Chief Sustainability Officer, reinforcing SKF's commitment to sustainable business practices.

What can we expect from SKF in the future?

With these changes, SKF is poised to enhance its market position and drive innovation in the industrial sector, focusing on delivering value to its customers.

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