Cargotec Appoints New Head of Its Marine Business in Asia

Cargotec’s Board of Directors decided in September to proceed with the preparations for a separate listing of Marine in Asia by the second half of 2013 subject to market conditions.

In order to support growth and value creation in the listing process, the Board has appointed Cargotec’s President and CEO Mikael Mäkinen, M.Sc. (Eng) Naval Architect (55), as President, Marine business area to drive the listing in Asia. The current head of Marine business area, Executive Vice President Pekka Vauramo, has been appointed as Chief Operating Officer in Marine business area.

“Mikael Mäkinen has led a listed company, has eight years of experience in Singapore within the shipbuilding industry, and he has developed Cargotec into a global market leader. These achievements convinced us that Mäkinen has the right competence for this task,” states Cargotec’s Chairman of the Board of Directors Ilkka Herlin.

“I am excited to meet the challenge to list Marine business in Asia. Pekka Vauramo’s experience in operational management as well as of business development in Asia will ensure a successful project,” Mikael Mäkinen comments his new position as President, Marine business area.

Tapio Hakakari, Vice Chairman of Cargotec’s Board of Directors, will take over as interim President and CEO on 8 October 2012. Cargotec’s Board of Directors has decided not to nominate a deputy to him. Cargotec’s Board of Directors has started the recruitment process for the new President and CEO.

Cargotec’s Executive Board (EB) composition will change to support the new governance model and manage the transformation. As of 8 October 2012, EB members will be interim President and CEO Tapio Hakakari, CFO Eeva Sipilä, business area Presidents Mikael Mäkinen (Marine), Olli Isotalo (Terminals) and Axel Leijonhufvud (Load Handling).

[mappress]

Cargotec, October 4, 2012