Swedish bearings manufacturer SKF on Monday announced it has appointed Rickard Gustafson as its new president and CEO. Gustafson, who succeeds Alrik Danielson, will join SKF during the first half of the year.

Gustafson is currently the president and CEO of the SAS Group. He also was the CEO of the insurance company Codan/Trygg Hansa and held several positions within General Electric.

“I’m excited and grateful for the opportunity to join SKF, a highly respected company within its industry,” Gustafson said. “SKF has a clearly defined strategic direction, and I look forward to engaging with the organization and further accelerate the ongoing transformation into an even more customer focused, innovative, efficient and sustainable business.”