Hexagon AB on Monday announced key leadership appointments and further details for the planned spin-off of its software unit, Octave, as the industrial technology group accelerates a corporate overhaul.
The company said its Chief Strategy Officer Ben Maslen will become Octave's Chief Financial Officer, and General Counsel Tony Zana will be its Chief Legal Officer upon completion of the separation.
They will be succeeded at Hexagon by Andreas Wenzel, joining from ABB, and Thomas De Muynck from law firm Jones Day, respectively.
The restructuring follows Hexagon's agreement earlier this month to sell its Design & Engineering software business for 2.7 billion euros and the recent departure of its chief financial officer.
“Andreas has a fantastic track record in strategy, M&A and driving excellence and profitable growth in decentralised business structures,” Hexagon CEO Anders Svensson said in a statement.
The separation is expected in the first half of 2026, subject to regulatory approvals, according to the company.
Octave will have a primary listing in the U.S. and a secondary Swedish Depository Receipt programme in Stockholm which is expected to be maintained for about two years.
Hexagon will begin reporting Octave, which generated revenue of about 1.45 billion euros in 2024, as a single business area from the third quarter of 2025.
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