SIG Posts Record Drop as CEO Replaced Just Months Into Job

(Bloomberg) — Shares of SIG Group AG fell the most on record after the food-packaging maker replaced its newly appointed chief executive officer, rattling investors as it overhauls its business.

Chief Executive Officer Mikko Keto is leaving SIG Group, the company said in a statement Monday. Its shares fell as much as 27% on Monday, the most on an intraday basis since its 2018 listing. They pared losses to 17% as of 5:14 p.m. in Zurich.

Keto’s departure comes less than half a year after he assumed the role with the goal of returning the company to levels of growth and profitability seen in earlier years. He has been replaced with immediate effect by Chief Financial Officer Ann-Kristin Erkens, who served as the company’s interim CEO before Keto’s appointment, according to the statement.

Erkens delivered strong results in her interim role leading the turnaround and “is best placed to carry it forward as permanent CEO,” the company said. She will retain her CFO post until a successor is found.

Shares of the Neuhausen am Rheinfall-based company are still up 13% year-to-date, propelled by strong first-half results released last month. Analysts called them a step in the right direction, despite a difficult market environment.

In its statement, the company confirmed its financial guidance, which it said remains unchanged.

Keto’s departure so soon after joining the board and ahead of an Oct. 27 capital-markets day “will likely come as a negative surprise,” and raise “questions on the comments around pace of execution,” Morgan Stanley analysts including Ioannis Masvoulas wrote in a note. Erkens has a strong track record and ensures business continuity, they said.

A profit warning and dividend pause announced in September temporarily wiped out more than 1 billion Swiss francs ($1.2 billion) of SIG’s market value.

(Updates share price performance.)

©2026 Bloomberg L.P.