Ronnie Leten to be Chair of the new company that Atlas Copco will dividend out in 2018
Stockholm, Sweden, April 26, 2017: Atlas Copco's Board of Directors today appointed Ronnie Leten, the Group’s retiring President and CEO, to become Chair of the company that will be dividended out in 2018 provided shareholder approval.
“Ronnie has been an excellent leader of Atlas Copco, and he is the best choice as Chair to help support the creation of the new company and ensure it reaches full potential,” said Hans Stråberg, Chair of Atlas Copco AB’s Board of Directors.
On January 16, 2017, Atlas Copco Board of Directors announced that it will prepare a proposal to the Annual General Meeting 2018 to split the Group into two companies; Atlas Copco, focused on industrial customers, and NewCo (working name), focused on mining and civil engineering customers. The plan is to have both companies listed on the Nasdaq Stockholm stock exchange.
Ronnie Leten will Chair the company that will be dividended out and focus on mining and civil engineering. Until the listing this company will be a fully-owned subsidiary of Atlas Copco AB.
Today is Ronnie Leten’s last day as President and CEO of Atlas Copco; he is succeeded by Mats Rahmström.
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Atlas Copco is a world-leading provider of sustainable productivity solutions. The Group serves customers with innovative compressors, vacuum solutions and air treatment systems, construction and mining equipment, power tools and assembly systems. Atlas Copco develops products and services focused on productivity, energy efficiency, safety and ergonomics. The company was founded in 1873, is based in Stockholm, Sweden, and has a global reach spanning more than 180 countries. In 2016, Atlas Copco had revenues of BSEK 101 (BEUR 11) and about 45 000 employees.