STOCKHOLM -- The CEO of Swedish bearings manufacturer SKF will step down in 2021 after six years in the role, the company said in a statement on Monday.
Alrik Danielson, 58, has since 2015 been at the helm of the world's biggest maker of industrial bearings, where he started a revamp of its vast factory network, raised spending on automation, pushed performance-based revenue models and cut costs.
"The board, together with Alrik Danielson, has made the assessment that now is the right time to identify a new president and CEO who can continue to execute SKF's strategy," Chairman Hans Straberg said in a statement.
"He has implemented major and important changes that have positioned SKF very well for the future," Straberg added.
SKF, which competes with Germany's Schaeffler, has beaten earnings forecasts throughout this year, and it raised its long-term margin target earlier this month.
The company said it had started a recruitment process, adding Danielson would continue in the job until a successor was in place.
SKF as of 2019 employed about 43,360 people at 103 operations worldwide and generated about $10 billion in global sales.