Bei SIG muss schon wieder der Chef gehen. Die Rochaden stellen dem Verwaltungsrat des Schaffhauser Industriekonzerns ein schlechtes Zeugnis aus

For the second time in just one year, SIG—the Swiss industrial conglomerate known for its beverage carton manufacturing—has replaced its CEO. The board of directors should have done a better job in vetting their top executive. Trust in SIG's beverage carton manufacturer has been shaken. Running a business is no easy feat, whether the times are good or bad.

SIG, a traditional Swiss company, manufactures milk cartons and equipment for their filling, benefiting from the growing purchasing power of consumers in emerging markets. Additionally, competition in this niche market is limited, as SIG shares this duopoly with Tetrapak, the latter being a much larger player. However, SIG's situation at the top is far from smooth.

The drama played out within the firm's headquarters paints a stark contrast. Earlier this month, it was announced that SIG had dismissed its CEO, Mikko Keto, just as the company underwent a second CEO turnover within a year. This time, the Finnish manager, Ann-Kristin Erkens, who previously served as interim CFO from mid-August last year to the end of February, has taken over the CEO role.

Erkens brings some experience in this position, having served as interim CEO between August and February of this year. Unlike her predecessor, she remains CFO in this capacity. A successor has not yet been appointed. SIG's board of directors took three months to select Keto for the CEO position, describing it as an "intensive global search."

Despite the successful growth of their core business, the company's stock price dropped by over 16% to below 13 francs over the course of the day, with many analysts surprised by the repeated change at the top. Keto seemed to have made a positive first impression on investors, according to Vontobel market observers. However, it appears he did not bring the necessary tools.

Sources close to SIG expressed hope that Keto would stimulate growth, as the company's revenue has not increased since 2024, primarily due to two failed acquisitions four years ago. The acquisitions aimed to diversify SIG's operations in additional beverage packaging products. However, these ventures are now struggling with low sales, further draining the company's earnings.

As a cost optimization specialist in his previous industrial employers in Northern Europe, Keto appears to have been a poor fit for the role. The board's decision to appoint Keto is unclear, given that SIG's president, Ola Rollén, himself has a background in leading an industrial conglomerate in Northern Europe. Cultural differences and differing management styles may have contributed to the mismatch.