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SKF announces changes to Group Management

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On July 20, 2022, SKF announced changes to its Group Management team. Patrick Tong, President of China and Northeast Asia, is retiring after over 30 years with the company, while Kent Viitanen, President of EMEA, is also leaving after 34 years. Tong will assist in the transition until his successor is appointed, while Aldo Cedrone steps in as interim President for EMEA. CEO Rickard Gustafson expressed gratitude for the contributions of both leaders.

Positive
  • Leadership transitions may provide fresh perspectives to the company.
  • Continued commitment to a smooth transition process as outgoing leaders assist in handovers.
Negative
  • Loss of experienced leaders who have contributed significantly to SKF's operations in Asia and EMEA.

GOTHENBURG, Sweden , July 20, 2022 /PRNewswire/ -- SKF announces the following changes to Group Management:

Patrick Tong, President, China and Northeast Asia, is retiring from SKF. Patrick joined SKF in 1989 and he will remain in his role during the third quarter, to ensure a handover to his successor, who will be announced in due course.

Kent Viitanen, President, EMEA is leaving SKF. Kent joined SKF in 1988 and is succeeded on an interim basis by Aldo Cedrone, currently Head of Ball Bearing Operations and Managing Director of SKF Italy. Kent will remain in an advisory role during a transition period. A formal successor will be announced in due course.

Rickard Gustafson, President and CEO, says: "I would like to thank both Patrick and Kent for their many years of service and commitment to SKF. On behalf of all my colleagues in SKF, I wish them well in the future."

Aktiebolaget SKF

CONTACT:

For further information, please contact:

PRESS: Carl Bjernstam, Group Communication

tel: 46 31-337 2517; mobile: 46 722-201 893; e-mail: carl.bjernstam@skf.com

INVESTOR RELATIONS: Patrik Stenberg, Head of Investor Relations

tel: 46 31-337 2104; mobile: 46 705-472 104; patrik.stenberg@skf.com

 

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20220720 SKF announces changes to Group Management

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SOURCE SKF

FAQ

What management changes were announced by SKF on July 20, 2022?

SKF announced the retirement of Patrick Tong and the departure of Kent Viitanen from Group Management on July 20, 2022.

Who is replacing Kent Viitanen as President of EMEA?

Aldo Cedrone is serving as the interim President of EMEA following Kent Viitanen's departure.

What impact could the management changes have on SKF's stock performance?

The departures of seasoned leaders may affect investor confidence, but leadership transitions can also bring new strategies.

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