Micronic Mydata AB, a Swedish computer technology company, rose to a seven-month high in Stockholm trading after naming Lena Olving as its new chief executive officer.
The shares climbed as much as 6.7 percent to 14.40 kronor, its highest level since Aug. 14. Micronic rose 6.3 percent at 10:25 a.m. in the Swedish capital, with volume almost double the average daily trading over three months. The stock has jumped 40 percent this year, valuing the company at 1.4 billion kronor ($218 million).
Micronic sought a new chief since October after announcing Peter Uddfors was leaving the company. Lars Josefsson has been acting CEO since November. The Taeby, Sweden-based company said Olving will take up the job at latest during the third quarter. She is currently the deputy chief executive officer at Swedish weapons maker Saab AB.
“Lena’s background from some of the leading Swedish export companies brings key skills to Micronic Mydata,” Chairman Patrik Tigerschioeld said in a statement. “Her experience of having worked in Asia is significant for us as it is our single most important market.”