Swedish retailer Axfood has announced that Klas Balkow has decided to conclude his executive career with the company.
Together with Axfood’s board of directors, Balkow has agreed that he will leave the role as president and CEO of Axfood by year-end 2024 at the latest.
He will then act as a strategic advisor for the company.
'Exciting Year'
"After seven fantastic years with Axfood, and in total 17 years as CEO in publicly listed companies, I have decided to conclude my executive career and spend more time with my family and do other things in life," said Balkow.
"I am and will continue to be passionate about the development of Axfood.
"We have an exciting year ahead of us, with many things on our agenda to continue to strengthen our customer offering of affordable, good, and sustainable food for everyone."
Recruitment Process
The board will now initiate the recruitment process of a new president and CEO, the Swedish retailer noted.
Last week, Axfood reported 10.4% year-on-year growth in net sales to SEK 81.1 billion (€7.2 billion) in its full financial year 2023.
Axfood Group's adjusted operating profit saw double-digit growth of 11.5% to SEK 3.6 billion (€320 million), while adjusted operating margin was 4.4%.
'Humanism And Empathy'
"In particular, I would like to highlight Klas’ inspiring ability to combine strategic and commercial leadership with humanism and empathy," said Mia Brunell Livfors, Axfood’s chairperson of the board.
"It is however not time for Klas to leave just yet, as he will remain in his role as president and CEO during the remainder of 2024, and I am happy that Klas also thereafter will be available for Axfood in an advisory role."
