Cargotec Board Restructures Ahead of Exciting Name Change

Cargotec's Board of Directors Restructuring Meeting Highlights

Cargotec Corporation has made significant decisions during its recent Board of Directors meeting, as it prepares for exciting changes ahead. Notably, the Board has elected Jukka Moisio as Chair, continuing a strong leadership footprint. Alongside him, Casimir Lindholm has been appointed Vice Chair, effective from April, aligning with his personal request.

Board Structure and Independence

The Board has thoroughly evaluated the independence of its members. Besides Casimir Lindholm, all members are deemed independent of the company. Moreover, Ilkka Herlin, despite his extensive tenure, is still considered independent of major shareholders, reflecting the Board's commitment to uphold rigorous independence standards.

Audit and Risk Management Committee Appointments

In further developments, the Board has appointed Eric Alström, Raija-Leena Hankonen-Nybom, and Tuija Pohjolainen-Hiltunen as members of the Audit and Risk Management Committee, with Raija-Leena Hankonen-Nybom stepping in as Chair. This new structure reinforces their focus on oversight and risk mitigation, crucial in today’s business environment.

Changes in Committee Structure

The Nomination and Compensation Committee has been rebranded as the Personnel and Remuneration Committee. This change illustrates the Board's adaptability to evolving corporate governance standards. The committee now includes Jukka Moisio as Chair, alongside members Casimir Lindholm and Ritva Sotamaa, bringing fresh perspectives to personnel management.

Leadership Transition and New Positioning

As part of the ongoing evolution within Cargotec, Taina Tirkkonen has been designated to serve as the Secretary to the Board starting from April. This role is vital in facilitating smooth operations and ensuring that the Board's decisions are communicated effectively.

Exciting Future with a New Name

Significantly, Cargotec is set to undergo a transformation with its name change to Hiab on April 1, marking a new chapter in its history. In tandem with this exciting rebranding, Scott Phillips has been appointed as the new President and CEO, effective on the same day, signaling a new era of leadership.

Business Commitments and Growth

Hiab is recognized as a leader in providing innovative and sustainable load-handling solutions. As the company transitions, it remains committed to enhancing the customer experience through continuous improvement. In the recent operational year, Hiab generated approximately EUR 1.6 billion in sales, and boasts a dedicated workforce exceeding 4,000 employees. This demonstrates not only the resilience of the company but also its growth trajectory.

Contact Information for Inquiries

For more information about these changes at Cargotec (Nasdaq Helsinki: CGCBV), interested parties can reach out to:
Mikko Puolakka, Executive Vice President and CFO, tel. +358 20 777 4000
Taina Tirkkonen, Executive Vice President, General Counsel (from April), tel. +358 20 777 4000.

Frequently Asked Questions

What key changes were made during the recent Cargotec Board meeting?

The Board elected Jukka Moisio as Chair and Casimir Lindholm as Vice Chair and established new committee structures.

What is the significance of the name change to Hiab?

The name change represents a strategic shift aimed at enhancing the company's market presence and customer focus.

Who will lead Cargotec following the transition to Hiab?

Scott Phillips has been named as the new President and CEO, pivotal in guiding the company through its rebranding.

What are the anticipated advantages of the new committee structures?

The new committees are focused on enhancing oversight and adaptability, addressing current governance needs and industry expectations.

How has Cargotec's business performed recently?

In the last operational year, Cargotec's Hiab business reported approximately EUR 1.6 billion in sales and has a robust employee base of over 4,000 individuals.

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