Changes to Konecranes leadership

Konecranes president and CEO Rob Smith has decided to leave the company. He will leave Konecranes on 31 December 2021. The company’s CFO, Teo Ottola, who also serves as deputy CEO, will be acting as the interim CEO from 1 January 2022 until the completion of the planned merger between Konecranes and Cargotec Corporation (the Future Company), which is currently expected by the end of H1/2022.

The boards of directors of Konecranes and Cargotec have agreed to select Mika Vehviläinen as the president and CEO of the Future Company, and the board of directors of Cargotec has made the appointment accordingly. The appointment of Mika Vehviläinen will become effective upon completion of the transaction which is currently expected to take place by the end of H1/2022. Until completion, both companies will operate fully separately and independently. Mika Vehviläinen has served as Cargotec’s CEO since 2013.

Christoph Vitzthum, chairman of the board of Konecranes and the Future Company. said, “Rob has been a true leader for Konecranes since joining in February 2020, steering the company through the unprecedented uncertainty of the pandemic and a planned merger to deliver the best for our customers and strong financial results. The board appreciates his commitment to ensuring a smooth transition. On behalf of the whole board of Konecranes, I want to thank Rob for his contributions and hard work at the company and look forward to working with him until he leaves the company. I also wish him all the best in the future.”

Smith said, “It has been a privilege to lead Konecranes since February 2020, and I am proud of how we have come together as one global team to deliver excellent performance in the midst of the Covid-19 pandemic. In particular, we have focused on our strategy and strategic initiatives, and made excellent progress on these fronts as seen in our strong financial performance and our successful initial steps towards creating a global leader in sustainable material flow with Cargotec. While I have now made a personal decision to pursue opportunities outside of Konecranes, I am fully committed to Konecranes continuing its exciting track record of delivering outstanding performance for the success of our employees, customers and partners.”

Mika Vehviläinen said, “I am energised and excited about the potential of the Future Company, and the chance to work together with the extraordinary talent from both companies to deliver the very best for our customers and society around us in a truly sustainable way. It will be an honour and an inspiring opportunity to lead the Future Company when the first day of operations arrives, and I am thankful to the Boards of both companies for their trust at this historic moment.”