Saab CEO Hakan Buskhe to Leave Company After Almost a Decade

(Bloomberg) -- Saab AB Chief Executive Officer Hakan Buskhe will leave the Swedish defense company after almost a decade in the top position.

“The reason I choose to leave Saab is that I would like to face another operational challenge in my career,” Buskhe said in the statement. “Until a new CEO is in place, I will continue to have full focus on Saab to ensure a smooth arrival for my successor.”

Saab’s board will now begin the recruitment of a successor, Saab said in a statement. Buskhe has a six-month notice period and could therefore continue in his role until February 2020. The exact date of his departure will depend on when his replacement is appointed.

Buskhe, 55, has been Saab’s CEO since Sept. 1, 2010, leading the development of the Gripen E fighter jet, which will be deployed by air forces in Brazil and Sweden. Under his tenure, the company has won several other large projects, including a Swedish contract for its A26 submarine and an order from the United Arab Emirates for airborne warning and control system GlobalEye. The U.S. Air Force recently chose to buy the T-X trainer, an advanced pilot training aircraft developed by Saab and Boeing Co.

Saab shares have had an annualized total return of 17.9% under Buskhe, compared wtih 13% for industry peers.

“Hakan Buskhe has laid a strong foundation for the continued positive progress of Saab,” Saab chairman Marcus Wallenberg said in a statement. “Under Hakan Buskhe’s leadership, Saab has also expanded internationally and started collaborations with a number of other leading defense industries.”

To contact the reporter on this story: Niclas Rolander in Stockholm at nrolander@bloomberg.net

To contact the editors responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net, Andrew Davis, John Deane

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