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Lockmaker Assa Abloy picks Metso's Delvaux as CEO

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Lockmaker Assa Abloy picks Metso's Delvaux as CEO

Lockmaker Assa Abloy picks Metso's Delvaux as CEO
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STOCKHOLM (Reuters) – Sweden’s Assa Abloy <ASSAb.ST> has appointed Nico Delvaux, chief at mining gear maker Metso <METSO.HE>, as chief executive, the world’s biggest lockmaker said on Monday.

Belgian Delvaux, who has been the head of Metso <METSO.HE> for just five months, replaces Johan Molin, who in October announced his plans to leave the job after 12 years at the helm.

“With Nico Delvaux, we have found a strong and experienced leader of large global businesses with a strong track record,” Assa Chairman Lars Renstrom said in a statement.

Before his time at Metso, Delvaux headed the compressor technique business at Sweden’s Atlas Copco <ATCOa.ST>, where both Molin and Renstrom held executive positions earlier in their careers.

Delvaux, born in 1966, will start his new job no later than June, Assa Abloy said.

The Metso board said it was disappointed to see Delvaux leave.

“However, the business plans and organizational changes that have been decided during the fall have the board’s full support and everybody in Metso will focus on executing these plans going forward, “ Metso Chairman Mikael Lilius said in a statement.

(Reporting by Johannes Hellstrom; editing by Jason Neely)

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