Lockmaker Assa Abloy searching for key man to succeed CEO

Stockholm

SWEDISH lockmaker Assa Abloy said it had begun the search for a successor to long-time CEO Johan Molin, seen as a potential chairman of ailing mobile telecom gear maker Ericsson.

Shares in Assa Abloy, the world's biggest lockmaker, tumbled nearly 5 per cent after it said in a statement that Mr Molin, one of Sweden's most highly regarded top executives, could step down next year.