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HELSINKI, Nov 24 (Reuters) – Atlas Copco ATCOa.ST President and Chief Executive Mats Rahmstrom, 58, will leave the company on April 30, 2024, the Swedish industrials group said in a statement on Friday.

“Mats Rahmström has informed the Board of Directors of Atlas Copco that he wishes to step down,” the company said, adding it would begin looking for a new CEO to take the reigns at the end of April next year.

Rahmstrom has worked at Atlas Copco for 35 years, out of which seven were as CEO, the company said.

“I’m extremely grateful to have had the privilege to spend almost all of my career so far in this amazing company, so it has not been an easy decision,” Rahmstrom said.

The maker of industrial tools and equipment last month again reported quarterly earnings above market expectations, but said it expects demand to weaken in the near future as customers were scaling back investments.

(Reporting by Essi Lehto; Editing by Sharon Singleton)

((essi.lehto@thomsonreuters.com; +358505412375;))

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