Swedish defence group CEO to step down as board launches successor search

Industrial and technology group Scandinavian Astor, active primarily in the defence sector, has announced that its chief executive, Mattias Hjorth, will step down less than two years after his appointment.

The decision was made at his own request. Hjorth will remain in post until October 2026, unless the board ends his tenure earlier in connection with the appointment of a successor.

The company said the recruitment process has begun with immediate effect.

- I believe the company has the potential to develop significantly faster, particularly through a more aggressive acquisition strategy. This requires a sharper focus on value-creating activities at a higher pace. In light of this, I have chosen to leave my role, Hjorth said in a company release.

Astor Group emphasised the need for operational continuity during the transition. The board said the company’s strategic direction remains unchanged and that the immediate priority is to ensure a stable leadership handover.

- We thank Mattias Hjorth for his contribution to Astor Group’s development. The board’s focus is now on a stable transition and the continued execution of the company’s strategy, said Mats R Karlsson, chair of the board, in the release.

Hjorth was appointed as CEO in August 2024. The company’s share price fell sharply following the announcement.

Scandinavian Astor has been growing rapidly the past few years with revenues rising exploding from SEK 52,8 million i 2022 to SEK 433,2 million i 2025 with a reported ebitda of SEK 62,9 million.

This article was first published in Defence Nordic's affiliate publication metal-supply.se