TABY, SWEDEN - Micronic Mydata today announced president and chief executive Peter Uddfors will leave the company once a replacement can be found.

In a statement, the company's board said it has "come to the conclusion that the company needs a new form of leadership going forward with more focus on current business in the two business areas surface mount equipment and pattern generators."

Uddfors will remain president and CEO until a successor is recruited, the firm said.

”During the last three years Peter has managed the merger of the two companies, Micronic Laser Systems and Mydata Automation, which took place in 2009,  in an excellent way. The board’s view now is that the company needs a new form a leadership going forward,” chairman Patrik Tigerschiöld said.

The employment agreement specifies a notice period of nine months in the event of dismissal by the company. After the period of notice  Uddfors is entitled to severance pay corresponding to 12 months’ salary.

Mydata makes surface mount placement machines.

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