STOCKHOLM (Reuters) – Swedish defence firm Saab’s Chief Executive and President Hakan Buskhe will step down early next year after almost a decade in charge, the company said in a statement on Sunday.

Buskhe, 55, said he was leaving because he wanted another operational challenge in his career.

“Saab has grown to a new level and is today a strong international defences and security company. We have achieved this through strategic partnerships, global presence and a continuous focus on investments in the product portfolio,” Buskhe said.

Saab, which produces the Gripen fighter jet and which has seen its share price drop 4% this year, said it had initiated a recruitment process.