(Reuters) -Sweden’s Husqvarna on Thursday named insider Glen Instone as its new chief executive effective August 11.
Instone will replace Pavel Hajman, who has been at the garden equipment maker’s helm since May 2023. Hajman had expressed his intention in April to step down once a successor was appointed. Instone has been with Husqvarna since 2002, and is currently the president of Husqvarna’s forest and garden division. Prior to that he was the company’s chief financial officer.
The company in April reported first-quarter operating profit below expectations hit by soft demand in North America, currency headwinds and lower prices.
The company had said that its earnings before interest and tax fell 21% to 1.53 billion Swedish crowns ($156.96 million), missing analysts’ average forecast of 1.71 billion crowns.
($1 = 9.7475 Swedish crowns)
(Reporting by Rishabh Jaiswal in Bengaluru; Editing by Shailesh Kuber)
