Experienced CEO Casimir Lindholm named as Cargotec’s new leader

Experienced CEO Casimir Lindholm named as Cargotec’s new leader

(IN BRIEF) Cargotec’s Board of Directors has named Casimir Lindholm as the new CEO, effective April 1, 2023. Lindholm, a former CEO of Eltel and Lemminkäinen, has been a member of Cargotec’s Board of Directors since 2021 and brings a wealth of experience to the company. Cargotec’s current CEO, Mika Vehviläinen, will hold the position until March 2023, after which he will retire and remain an advisor until February 2024.

A live international telephone conference for analysts, investors, and media will be held on February 6 at 3 PM EET, hosted by Cargotec’s Chairman of the Board, Jaakko Eskola, and the new CEO, Casimir Lindholm. The conference can be accessed via registration link or viewed as a live webcast, and questions can be presented during the call. The call will be recorded and an on-demand version will be available on Cargotec’s website later in the day.

(PRESS RELEASE) HELSINKI, 6-Feb-2023 — /EuropaWire/ — Cargotec Corporation (HEL: CGCBV), a Finnish company that makes cargo-handling machinery for ships, ports, terminals and local distribution, has made a major announcement regarding its leadership. The company’s Board of Directors has appointed Casimir Lindholm as the new President and CEO, effective April 1, 2023. Until that time, current President and CEO Mika Vehviläinen will continue to hold his position.

Mr. Lindholm brings a wealth of experience to Cargotec, having served as CEO at both Eltel and Lemminkäinen, and holding numerous board memberships. He has been a member of Cargotec’s Board of Directors since 2021, and his appointment as CEO means that he will no longer be eligible for re-election at the company’s upcoming AGM on March 23, 2023.

The remuneration for the CEO position at Cargotec includes a fixed monthly salary, benefits, and performance-based incentives, in line with the company’s overall remuneration policy. The CEO’s retirement age is determined in accordance with relevant legislation.

Mika Vehviläinen has served as Cargotec’s CEO since 2013, and the company announced on December 20, 2022, that he would be retiring during 2023, in accordance with the terms of his CEO service contract. The Board of Directors initiated a search for a successor and Mr. Vehviläinen will remain available to the Board as an advisor until the end of February 2024, after which he will retire.

“I’m honored and excited to be leading Cargotec at such a pivotal moment in the company’s history, with a strong foundation and a clear vision into its next development phase of growth as we have communicated before. With a talented team, a strong portfolio of businesses with decision making close to customers, and a commitment to sustainability and profitable growth, I believe that the company is in an excellent position to create value by empowering our businesses even further in the years to come,” says Casimir Lindholm.

“Casimir is a seasoned leader as a listed company CEO with a proven track record of reshaping businesses. His membership in Cargotec’s Board is an advantage providing profound knowledge and understanding of Cargotec’s business and strategic direction. The work to develop the company to its full potential continues and the Board of Directors is confident that under Casimir’s leadership, Cargotec will continue to drive value for our shareholders and customers. Additionally, I would like to express our gratitude to our retiring CEO Mika Vehviläinen for his leadership and outstanding contributions to our business,” says Jaakko Eskola, Chair of the Board of Directors.

To give investors, analysts, and media the opportunity to hear about this major change at Cargotec, the company will be hosting a live international telephone conference on the publishing day at 3:00 p.m. EET. The event will be hosted by Cargotec’s Chairman of the Board Jaakko Eskola and the new CEO Casimir Lindholm, and attendees can register for the teleconference via the following link: https://palvelu.flik.fi/teleconference/?id=10010809. After the registration, the conference phone numbers and a conference ID to access the conference will be provided. Questions can be presented during the conference. For questions, please press *5 on your telephone keypad to join the queue.

The event can also be viewed as a live webcast at https://cargotec.videosync.fi/2023-02-06-webcast. The conference call will be recorded and an on-demand version of the conference will be published at Cargotec’s website later during the day.

Note that by dialling to the conference call, the participant agrees that personal information such as name and company name will be collected.

For more information:

Carina Geber-Teir, Senior Vice President, Communications, tel. +358 20 777 4105

Information for investors:
Aki Vesikallio, Vice President, Investor Relations, tel. +358 40 729 1670

Cargotec (Nasdaq Helsinki: CGCBV) enables smarter cargo flow for a better everyday with its leading cargo handling solutions and services. Cargotec’s business areas Kalmar, Hiab and MacGregor are pioneers in their fields. Through their unique position in ports, at sea and on roads, they optimise global cargo flows and create sustainable customer value. Cargotec has signed the United Nations Global Compact Business Ambition for 1.5°C. The company’s sales in 2022 totalled approximately EUR 4 billion and it employs around 11,500 people. www.cargotec.com

SOURCE: CARGOTEC CORPORATION