IAR taps board new CEO – update
Richard Lind is to step down as CEO of development tool vendor IAR in Sweden and replaced by Cecilia Wachtmeister from the board of directors.
Lind informed the board of directors at IAR of his intention to transition to other endeavours later this year, triggering a search for a new CEO.
“Richard Lind assumed the role of CEO in the fall of 2021 with the mission to steer IAR towards new growth within three years,” said says Nicolas Hassbjer, Chairman of the Board of IAR.
He will be replaced by Wachtmeister from October. “The recruitment committee had established a profile for the next CEO and unexpectedly had the opportunity to directly evaluate it against a highly qualified candidate. Consequently, the board was able to quickly conclude the process. We are confident that Cecilia will be an excellent CEO for IAR, with the capacity to develop the company beyond existing goals,” said Hassbjer.
She has a focus on international sales having worked at Ericsson, including the Ericsson Executive program at Stanford University. She joins us from Kambi, where she served as Chief Commercial Officer.
“IAR is one of Sweden’s finest deep-tech companies and a perfect opportunity for me to step into the CEO role. I look forward to developing the company and our knowledgeable employees in Sweden and abroad,” says Wachtmeister, who has has been a board member of IAR during the successful turnaround.She has been involved in the company’s new strategic work and knows the company well, which also means a short ramp-up time.
The board will ask the nomination committee to seek an equally skilled board member, preferably with knowledge in processes and productivity for software development, including an understanding of AI and Machine Learning in embedded systems. The board intends to call an extraordinary general meeting in the fall to complete the board when Cecilia assumes the role of CEO.
“It’s a testament to our strength that we’ve managed to recruit an incredibly competent candidate for the CEO position in record time. This ensures that the ongoing transformation work can continue without risking a loss of momentum. It’s also pleasing to note that the management team will consist of 50% women/men,” said Hassbjer.
“Richard has, along with the strong leadership team he assembled, achieved this goal in two years. As he turns 60 this year the board understands his desire to pass on the CEO role, according to the original plan. The board is confident that succeeding Richard in one of Sweden’s finest deep-tech companies presents a highly attractive opportunity,” he added.
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That time has seen modernization of the brand, offerings, and organization, reducing costs by SEK50m (€4m) with investments in development and integration of AI/ML. The organizational structure also now has a leadership team comprising 42% women.
IAR has grown to a turnover of SEK458m (€40m, $43m) and achieved its long-term goals of 15% growth and 25% operating margin with strong cash conversion in Q4.
“During my years as CEO, IAR has undergone extensive cleanup and modernization, which is expected to be completed this year, “said Richard Lind, CEO of IAR. ”The company is now stronger than ever, and it is time for new leadership to guide the next growth phase.”
“To provide the company with the best possible conditions, I wish to announce in advance that I plan to step down later this year. I will remain in place until the new CEO is appointed and will complete ongoing projects. Thereafter I look forward to introducing my successor and preparing myself for new challenges,” he said.
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