"The results in Skanska USA Building for 2004 are unacceptable," says Skanska president/CEO Stuart Graham in a statement. "However, this in no way diminishes our commitment to the important US market or to this business unit."

Skanska USA Building, based here, focuses on a variety of construction projects, including biopharmaceutical, educational, high-tech, health care, transportation and sports and entertainment facilities. The change doesn't impact the unit's companion Skanska USA Civil group. Altogether, Skanska employs more than 4,000 in the US.

Skanska officials say they have launched a search for a replacement for the ousted exec, looking "both externally and internally," according to a company spokesman. Until a successor is found, executive vice president Johan Karlstroem will be the acting head of the unit.

Skanska officials also say they will take a Q4 writedown of 410 million kronor, or approximately $59 million, relating to problems with its USA Building unit, which had launched a restructuring effort in the middle of last year.