The chief executive of personal care giant Essity, Magnus Groth, has announced that he plans to step down as CEO, and from the company's board, during 2025.
Groth has led the Swedish firm for 14 years. A recruitment process to appoint his successor will be initiated 'immediately', the company said.
'Profitability, Growth And Innovation'
”As President and CEO of first SCA and then Essity, Magnus has successfully listed and led Essity on a significant journey of change over the past 10 years to increase profitability, growth and innovation," Jan Gurander, chairman of the board at Essity, commented.
"Through his leadership and commitment, Magnus has played an important role in creating the platform that Essity has for continued global profitable expansion. The Board of Directors extends its gratitude for Magnus' valuable contributions as President and CEO."
Groth oversaw the evolution of the former SCA business to Essity during his tenure as CEO, and described his period leading the Stockholm-based business as "very stimulating".
Essity reported a 2% increase in EBITA in its most recent quarter.
'A New Chapter'
Commenting on his planned departure, he added, "Essity is today a world-leading hygiene and health company with strong brands and market positions, great employees and recognised sustainability work, reflected in profitable growth. After 14 years with the company and ten years as CEO, I consider this a suitable time to embark on a new chapter for me and for Essity."
At the time of its launch in 2018, SCA noted that Essity's company name 'stems from the words ‘essentials’ and ‘necessities’, a fitting name for the products the new hygiene and health company offers – everyday necessities. Essity’s vision is; dedicated to improving well-being through leading hygiene and health solutions.’
