#Sweden #Stockholm #Octave #Ben Maslen #Tony Zana

Hexagon Unveils Organizational Changes with Upcoming Octave Spin-Off

In a major announcement from Hexagon, the company detailed its organizational changes and the strategic direction following the anticipated spin-off of its subsidiary, Octave. The restructuring highlights significant leadership appointments, aiming to position Octave for growth while ensuring the Hexagon executive team remains strong during the transition.

Leadership Appointments

Hexagon confirmed the appointments of Ben Maslen as Chief Financial Officer (CFO) of Octave and Tony Zana as Chief Legal Officer and Corporate Secretary. Both executives are currently part of the Hexagon team and will transition to their new roles post-separation, maintaining their positions at Hexagon until the spin-off is finalized.

Ben Maslen, who has served as Hexagon’s Chief Strategy Officer since 2017, brings valuable financial expertise and strategic leadership to Octave during its initial stages. His background in equity research and as a chartered accountant underpins his capabilities as CFO, particularly in navigating the industrial software landscape, which is increasingly competitive. “Ben's experience is crucial as we leverage growth opportunities in line with Octave’s new direction,” stated Mattias Stenberg, the incoming CEO of Octave.

Tony Zana, an integral part of Hexagon since 2010, will transition from his role as General Counsel and Chief Compliance Officer to lead Octave’s legal framework. His comprehensive understanding of Hexagon’s operations and compliance will aid in steering Octave into its next chapter, emphasizing the importance of legal oversight during significant changes.

Key Transitions Within Hexagon

As part of this shifting landscape, Andreas Wenzel will step into the role of Chief Strategy Officer at Hexagon, coming from his recent position as CFO for ABB E-mobility. His extensive track record in strategy and mergers and acquisitions is expected to reinforce Hexagon's leadership amid its ongoing evolution. Furthermore, Thomas De Muynck will succeed Zana at Hexagon from the well-respected law firm Jones Day, indicating a robust future for legal compliance at Hexagon.

President and CEO, Anders Svensson, expressed optimism regarding these appointments, recognizing both Andreas's and Thomas’s capabilities to drive performance and profitability in diversified business structures.

Swedish Depository Receipt Programme

In addition to leadership changes, Hexagon also confirmed that it plans to maintain the Swedish Depository Receipt (SDR) program on Nasdaq Stockholm for approximately two years post-separation of Octave. This program aims to facilitate current shareholders’ engagement with Octave, allowing them to connect with its operational developments as it becomes an independent entity.

Divisional Financial Disclosures

From the third quarter of 2025, financial disclosures will reflect Octave as an integral business area, showcasing the management changes and the unification of several software businesses under its umbrella. While this new reporting structure aims to clarify performance metrics, it will continue to be reported under IFRS until the separation concludes in early 2026.

The anticipated transition period will involve adjustments in how financial performance for both Hexagon and Octave is communicated, moving towards a structure that will offer greater clarity once Octave operates as an independent listed company applying U.S. GAAP accounting standards.

As these organizational changes unfold, all eyes will be on how Hexagon and Octave will adapt to their respective new roles in the market, and how the leadership dynamics will influence their operational strategies moving ahead.