Engström, a member of Sandvik Group's executive management since 2016 headed up the business area Sandvik Mining and Rock Technology and during his time with the company he improved the performance of the business area and its divisions in accordance with Sandvik's group strategy to ensure stability, profitability and growth.

During his time leading Sandvik Mining and Rock Technology, it has grown from about 30 to 44 billion SEK (US$3.3 to 4.9 billion) in revenues and the operating margin has improved from 10 per cent at the beginning of 2016 to 19 per cent in the fourth quarter 2018.

"I'm very grateful for Lars Engström's contributions to the Group. He has built a successful decentralised organisation and significantly strengthened the results of Sandvik Mining and Rock Technology's divisions. However, we have now together reached the conclusion that it's time for new leadership. We have a lot of good talent in Sandvik so I feel confident that we will have several interested and motivated candidates for the job. At the same time, I'm pleased that Lars will stay onboard to ensure a successful transition before leaving,", said Björn Rosengren, Sandvik's president and CEO.