Date: 2013-08-01

SKF Nomination Committee Proposes Ostling to Replace Scharp as Chairman

SKF Nomination Committee Proposes Ostling to Replace Scharp as Chairman

SKF AB said its nomination committee has proposed Leif Ostling to be the new chairman of the company, to succeed Anders Scharp who has declined re-election.

Scharp has been the chairman of the company since 1992, with Ostling vice chairman since 2006.

Last month, SKF said its fourth-quarter pretax profit fell 7 pct to 1.710 bln skr due to one-offs, with the ball-bearing maker hiking its normal dividend 11 pct to 5 skr per share and distributing an extra 5 skr per share to shareholders through an automatic share redemption procedure.

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