Studsvik UK names Sam Usher as new president

Swedish nuclear technology company Studsvik AB (OMX Stockholm:SVIK) declared on Wednesday that the company has appointed Sam Usher as the new president of Studsvik UK.

Usher succeeds Mark Lyons, who is leaving the company with immediate effect. Studsvik said that the change of UK president is taking place after continued losses in project operations.

Most recently Usher served as vice president of business development at Studsvik UK. He joined the company in 2008, before which he was previously employed in senior management positions at AMEC Nuclear and British Nuclear Fuels (BNFL).

Studsvik noted that an internal audit of its British subsidiary had found income from a number of projects to be overstated by a total of approximately GBP1.0m, primarily attributable to 2008. This amount will impact on the results for the second quarter.

(USD1=GBP0.61)

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