GAC Group has announced the appointment of Pontus Fredriksson as its new group president effective from January 2023.
Fredriksson joined GAC in 2007 and has been group vice president of GAC’s Americas region since August 2019. He previously held various finance and managerial roles in the Middle East, including managing director of GAC Bahrain.
"His acumen and sound industry knowledge put him in a good position to lead the Group to further successes in a turbulent environment and I look forward to supporting him in his new role," stated Bengt Ekstrand, former group president.
Ekstrand has held the position for the past 10 years and now is going to take on the role of executive co-chairman alongside GAC’s long-standing executive chairman Björn Engblom.
According to CAC Group, Ekstrand’s tenure began at a time of economic turmoil in the Eurozone and expanding armed conflicts in the Middle East. Sluggish oil prices would soon plunge to less than US$45 per barrel.
During that period, Ekstrand launched a wide-ranging reform program within GAC known as Delta21. After that, significant structural and operational changes occurred, according to the group, making them more resilient, more efficient, and more profitable.
Ekstrand leaves the position with GAC reporting record results in recent years.