Polymer maker Hexpol CEO exits as board dissatisfied over results
14/02/2020 11:32
STOCKHOLM, Feb 14 (Reuters) - Sweden's Hexpol HPOLb.ST
said on Friday that Mikael Fryklund, its chief executive since
2017, was stepping down after earnings and sales at polymer
maker had fallen short of the board's expectations.
"There are several circumstances that have led to this
change," Chairman Georg Brunstam said in a statement.
"The development of the group, mainly regarding sales growth
and growth of results, which unfortunately lately have not met
our expectations."
Hexpol said it had begun the search for a successor to
Fryklund and that it had appointed Chief Financial Officer Peter
Rosen as CEO on an interim basis.
The company's pretax profit shrank to 1.54 billion crowns
($159 million) last year from a year-earlier 1.64 billion.
Hexpol said in the report that profit margins had narrowed
in the face of weaker demand and other factors, and posted a 13%
decline in organic sales, which strips out the impact of
acquisitions and divestments, in the fourth quarter alone.
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($1 = 9.6949 Swedish crowns)
(Reporting by Anna Ringstrom; editing by Niklas Pollard)
((anna.ringstrom@thomsonreuters.com; +46 8 502 423 74; Reuters
Messaging: anna.ringstrom.thomsonreuters.com@reuters.net))