Swedish bearings maker SKF says its CFO will step down

Reuters
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(Reuters) -Sweden's SKF, the world's biggest maker of industrial bearings, said on Tuesday its Chief Financial Officer Niclas Rosenlew will leave the company in January.

SKF in 2019 appointed Rosenlew, who was previously CFO of Finnish cloud-based software company Basware, to replace Christian Johansson.

The company said in a statement that a recruitment process to identify a successor has been initiated.

Rosenlew's departure comes a week after the company forecast flat like-for-like sales for the third quarter, warning that low volumes and production shifts could dent margins for the rest of the year.

The engineering group said subdued markets and ongoing adjustments of production could have a short-term impact on cost efficiency in the second half of the year.

(Reporting by Gnaneshwar Rajan in BengaluruEditing by Chris Reese and Cynthia Osterman)