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Investing.com -- SIG Group AG on Monday said that its CEO Samuel Sigrist has stepped down from his position with immediate effect.
Shares of the packaging solutions and systems provider were down 1.6% at 03:54 ET (07:54GMT).
The Swiss company said that the decision was made mutually between Sigrist and the board. Sigrist had served as CEO for four and a half years and had been with the company for two decades.
Chief financial officer Ann-Kristin Erkens has been appointed interim CEO while the board initiates the search for a permanent replacement.
The leadership change follows a series of governance adjustments earlier in the year, including the appointment of Ola Rollen as chairman.
At the company’s annual general meeting in April, Rollen indicated that the board had reviewed SIG’s strategy and saw room to accelerate growth and improve performance.
The announcement of Sigrist’s departure comes days after SIG Group’s second-quarter results were released.
“It was not mentioned in the release, but we still see the updated 2Q outlook for low-end of 2025 3-5% sales growth and 24.5-25.5% EBITDA margin targets as achievable,” said analysts at Jefferies in a note.
While these targets are still seen as achievable, the leadership transition has raised concerns among investors about the company’s ability to meet expectations and end a recent cycle of downward revisions.
“SIG needs to rebuild investor confidence in delivery post underperformance,” Jefferies added.