CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 20 MARCH 2013 AT 3.30 P.M. (EET)
Cargotec Corporation's Board of Directors elected by the Annual General Meeting has in its organising meeting elected Ilkka Herlin to continue as Chairman of the Board. Tapio Hakakari was elected as Vice Chairman.
The Board of Directors considers all members to be independent of the company and all except Ilkka Herlin and Peter Immonen to be independent of major shareholders. Tapio Hakakari was the interim President and CEO as of 8 October 2012 until 28 February 2013, but because the position was temporary, the Board considers him to be independent of the company after the position has ended.
The Board decided to continue the practice that the members are to keep the Cargotec shares they have obtained in remuneration under their ownership for at least two years from the day they obtained them. The shares will be purchased at market price on a quarterly basis.
The Board of Directors elected among its members Ilkka Herlin, Teuvo Salminen and Anja Silvennoinen as members of the Audit and Risk Management Committee. Teuvo Salminen was re-elected as Chairman of the committee. The Board considers that the membership of Ilkka Herlin, as a significant shareholder, in the committee is warranted.
Board members Tapio Hakakari, Ilkka Herlin, Peter Immonen and Antti Lagerroos were elected to the Nomination and Compensation Committee. Ilkka Herlin was re-elected as Chairman of the committee.
Outi Aaltonen, Senior Vice President, General Counsel, will continue as Secretary to the Board.
Further information for media:
Anne Westersund, Vice President, Communications, tel. +358 20 777 4460
Further information for investors:
Eeva Sipilä, Executive Vice President and CFO, tel. +358 20 777 4104
Cargotec improves the efficiency of cargo flows on land and at sea - wherever cargo is on the move. Cargotec's brands MacGregor, Kalmar and Hiab are recognised leaders in cargo and load handling solutions around the world. Cargotec's global network is positioned close to customers and offers extensive services that ensure the continuous, reliable and sustainable performance of equipment. Cargotec's sales totalled EUR 3.3 billion in 2012 and it employs approximately 10,500 people. Cargotec's class B shares are quoted on NASDAQ OMX Helsinki under symbol CGCBV. www.cargotec.com (http://www.cargotec.com/)
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Cargotec Oyj via Thomson Reuters ONE
