Skanska Shuffling Executives for Cross Training

SOLNA, SWEDEN-Skanska AB is shuffling executives for 2005. The locally based global contractor and developer says the changes are designed to improve profitability and grow its core operations while cross training its senior executives. Among other moves, Petter Eiken, currently president of Skanska Norway will join Skanska AB’s senior executive team as an executive vice president and assume responsibility for the construction operations in the Nordic region from Johan Karlström. In turn, Karlstrom, already a senior executive, will assume responsibility for the American operations within Skanska USA Building and Skanska USA Civil, while also continuing to be responsible for operations in the Czech Republic and Russia. All of these units report to Stuart Graham, Skanska AB President and CEO. “Part of our management development is to provide our senior executives the possibility to gain experience of various parts of the Group,” says Graham. “Karlström has been highly successful in improving profitability in our Nordic operations and he is well qualified to assume responsibility for development in the US, [while] Eiken…has succeeded in turning the Norwegian operations back to profitability and is the right person for continuing to develop the Nordic operations.”Replacing Eiken as president of Skanska Norway will be Geir M Aarstad, who has worked in the Norwegian company since 1991, most recently as a regional manager. In another shuffle, Juha Hetemäki will take over management of Finland-based Skanska Oy from Mauri Niemi, who retires at year-end. Hetemäki has worked within Skanska Oy for 10 years, most recently as a senior vice president with responsibility for the building construction business stream. Finally, Skanska also is creating a new business unit specifically for residential development in Sweden, Finland and Norway that will be called Skanska Project Development Residential Nordic Region. The work previously was part of the Nordic construction units. Skanska says its development of residential projects in recent years has shown a positive profitability trend. With the new unit, Skanska says it is intensifying its efforts to meet demand and to become the leading residential developer in the Nordic region. The president will be Anders Kupsu, who has lengthy experience in project development as well as in construction operations. “Residential development is part of Skanska’s core operations on which we will be focusing harder,” says Graham. “Demand for our residential projects is strong and we foresee good potential for further growth within this business. Through combining our know-how in the Nordic region, we will become more efficient and better at meeting the demands of the Nordic customers.” All of the aforementioned personnel and organizational changes become effective on Jan. 1, 2005.