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CEO Lard Friese took over in early 2020 as the pandemic hit capital markets.
In December 2020, Mr. Friese unveiled a new turnaround strategy through 2023, focused on corporate simplification, cost cutting, and higher free cash flow generation.
The latest annual and quarterly results suggest the turnaround is in full swing.
The 2022 outlook appears good and the targets for 2023 remain in place.
The turnaround strategy should improve operating metrics, reduce the valuation gap versus peers, and drive returns.