Johan Molin, President and CEO of ASSA ABLOY, has informed the board of directors that he is considering resigning from his role in 2018. The company made the official announcement following rumours about a potential move, and as a result the Board has commenced the process of evaluating potential successors and has also appointed an external recruitment consultant.
Molin has held the role of chief executive for nearly 12 years, initially taking up the position in 2005. It has been reported that under his guidance, Assa’s shares have outperformed the Stockholm stock exchange’s blue-chip index.
While the statement from Assa Abloy did not give any details about the rumours, Reuters News Agency has reported speculation that Molin could be heading to mobile communications manufacturer Ericsson. The company has been underperforming in recent years, and indications are that investors are calling for further change despite a new CEO being appointed in 2016. On the announcement of Molin’s potential resignation, the value of shares in Ericsson increased by two per cent.