STOCKHOLM — Swedish bearings producer SKF has named Rickard Gustafson, the present head of the Scandinavian airline group SAS, as its subsequent CEO, the provider stated in a statement.

Gustafson will substitute Alrik Danielson, who had already announced he was stepping down this 12 months after six years on the helm.

Gustafson, 56, has been CEO at SAS for a decade and likewise sits on the board of SKF’s largest proprietor, Basis Asset Administration (FAM).

SKF, the world’s largest maker of ball bearings generates about 70 % of group gross sales in its way more worthwhile industrial enterprise, whereas 30 % stems from the automotive sector.

Underneath Danielson’s management, the provider has been revamping its huge manufacturing facility community, raised spending on automation, pushed performance-based income fashions and reduce prices.

SKF, whose rivals embody Germany’s Schaeffler, persistently beat analysts’ forecasts all through 2020, and in November raised its long-term profitability target.