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Cargotec's governance and management are based on the Finnish Limited Liability Companies Act and Securities Markets Act, as well as the Company’s Articles of Association and Code of Conduct. The Cargotec class B share is listed at Nasdaq Helsinki and the Company complies with the rules and guidelines of Helsinki Stock Exchange and the Finnish Financial Supervision Authority as well as with all the recommendations of the Finnish Corporate Governance Code 2020, published by the Securities Markets Association (

Cargotec’s Board of Directors includes a minimum of six and a maximum of twelve members. Board members are elected by the AGM for a term of office that expires at the end of the first AGM following their election. The Board elects the Chair and Vice Chair from among its members. The majority of Board members shall be independent of the company and significant shareholders.

The Board’s composition shall support the overall goal of implementing Cargotec´s strategy. According to the Board’s diversity principles, board diversity shall evolve over time and reflect the operations strategy and the future needs of the company. The diversity factors include work experience in our strategic business areas and of the cultures in which we operate, as well as educational background, age and gender. There shall be both genders in the Board, the target being at least two directors of the underrepresented gender. The Nomination and Compensation committee shall pay attention to the diversity criteria, when identifying and proposing new candidates to the Board, as well as when proposing re-election of current members.

The Annual General Meeting held on 30 May 2024 appointed Raija-Leena Hankonen-Nybom, Ilkka Herlin, Ritva Sotamaa, Eric Alström, Jukka Moisio, Tuija Pohjolainen-Hiltunen and Luca Sra as Board members. In its organising meeting, the Board elected Ilkka Herlin as Chair of the Board and Jukka Moisio as Vice Chair of the Board. Outi Aaltonen, Senior Vice President, General Counsel, serves as the Secretary to the Board of Directors.


The Board confirms Cargotec’s strategy and will monitor its implementation. As stipulated in the Finnish Limited Liability Companies Act and the Articles of Association, the Board is responsible for the management and proper organisation of the company’s operations as well as representing the company. The Board has compiled a written charter for its work that defines its main duties and operating principles. The Board’s responsibilities include approving the company’s annual, half-year and interim financial statements and ensuring that the supervision of accounting and the control of the company’s financial matters is properly organised. The Board decides on significant loans, acquisitions and investments and approves the annual and long-term operational and financial plans as well as risk management principles. Violations against Cargotec’s Code of Conduct are reported to the Board. The Board approves the long- and short-term incentive programmes and their outcome. The Board appoints Cargotec’s CEO and determines the related terms of employment. As defined in the Board annual plan, the Board has theme meetings in which issues associated with one business area at a time or other current theme are discussed. In connection with each meeting, the Board discusses also in the absence of the executive management.

Self-assessment and independence review

The Board reviews its own performance and procedures once a year through internal self-assessment. Moreover, the Board conducts an annual assessment of the independence of its members. According to the assessment conducted in May 2024, the members of the Board are independent of the company and, with the exception of Ilkka Herlin, also independent of significant shareholders in the company. In the overall evaluation, the Board considered the over ten year term of Ilkka Herlin, but considered him still to be independent of the company.


To improve the efficiency of board work, the Board has set up two permanent committees, the Audit and Risk Management Committee and the Nomination and Compensation Committee. The Board nominates the members and the Chairs of the Committees from among its members and confirms the Committees’ charters. The Committees have no autonomous decision-making power, but prepare issues which will be resolved by the Board. A temporary Demerger Committee was established in 2023 to support the proposed standalone Kalmar listing readiness preparations. The Demerger Committee was dissolved after the 2024 Annual General Meeting.

Ilkka Herlin

born 1959, Finnish,
D.Ph. D.Sc. (Tech) h.c.,
D.Sc. (Agr & For) h.c.


Chair of the Board 2024–, Vice Chair of the Board 2022–2023, Chair of the Board 2005–2022
Chair of Nomination and Compensation Committee
Independent of the company

Significant shareholder (Wipunen varainhallinta oy) 
Not independent of significant shareholders (Member of the Board of Mariatorp Oy).

Chair of the Board, Wipunen varainhallinta oy 2005– 
Managing Director, Security Trading Oy 1987–2000
Member of the Board, KONE Corporation 1990–2000

Member of the Board
Foundation for a Living Baltic Sea; also co-founder, Chair 2008–2017, member  2017
WIP Asset Management Ltd 2005–, Chair 2000–2005 
Mariatorp Oy 2015–


Jukka Moisio

b. 1961, M.Sc. (economics), MBA

Member of the Board 2024–, Vice Chair of the Board
Member of the Nomination and Compensation Committee
Independent of the company and largest shareholders

Nokian Tyres Ltd, President and CEO, 2020–
Huhtamaki Oyj, President and CEO, 2008–2019
Ahlstrom Oyj, President and CEO 2004–2008
Ahlstrom Oyj, multiple positions, 1991–2004
McKinsey & Co, associate, 1989–1991

Chair of the Board:
Paulig Oy, 2020–
Munksjö AB, 2022–
Sulapac Oy, 2019–

Member of the Board:
MetsäBoard Oyj, 2020–

Member of the Supervisory Board:
Ilmarinen, 2022–

Eric Alström

b. 1966, Swedish and American

M. Sc. Management


Member of the Board 2024–
Member of the Audit and Risk Management Committee
Independent of the company and largest shareholders

Danfoss Power Solutions, President, Danfoss A/S 2012–
Benteler Automotive, Managing Director, 2008–2012
Various leadership positions in Europe, the US, and Asia.
Last position VP of Procurement and Supply Chain, GM
Europe, General Motors 1992–2008

Vice Chair of the Board:
Hempel A/S, 2018–

Advisory Board Member:
Stanford GSB, 2006–2018


Raija-Leena Hankonen-Nybom

b. 1960, M.Sc. (Econ.), Authorised Public Accountant examination



Member of the Board 2023–
Chair of the Audit and Risk Management Committee

Independent of the company and significant shareholders

Chair of the Board 2016–2018; 
CEO 2010–2016; 
Head of Audit 2006–2010;
Lead Audit Partner of large corporates in financial services, manufacturing and retail industry 2006–2019;
various audit and IFRS client engagements in Finland and abroad 1987–2005

Member of the Board:

Danske Bank A/S, 2020–, Chair of the Audit Committee 2021–2024, Member 2024–
Posti Group Oyj, 2020–, Chair of the Audit Committee 2020–
Metsä Board Oyj, 2021–, Chair of the Audit Committee 2021–
Helsinki Deaconess Institute Foundation sr, 2020–,  Chair of the Audit Committee 2022–
Savonlinna Opera Festival Support Association ry, 2018–

Tuija Pohjolainen-Hiltunen

b. 1966, M.Sc. (Eng)

Member of the Board 2024–
Member of the Audit and Risk Management Committee
Independent of the company and largest shareholders

Kemira, President, Industry & Water Segment 2023–
Kemira, Senior Vice President, Pulp & Paper Segment 2020–2023
Kemira, Vice President, Industry & Water Segment 2017–2019
Kemira Gdańsk sp. Z.o.o., Vice President, Business Service Center EMEA and Managing Director  2015–2017
Kemira Italy S.p.A., Vice President, Mergers & Acquisitions and Managing Director 2013–2015
Kemira Oyj, various managerial positions at Municipal and Industrial Segment 2008–2013


Ritva Sotamaa

b. 1963, Master of Laws, served on the bench


Member of the Board 2023–
Member of the Nomination and Compensation Committee

Independent of the company and largest shareholders

Unilever Plc, London, UK, Chief Legal Officer and member of the Leadership Executive 2013–2022, Company Secretary 2018–2022
Siemens Healthcare, Erlangen, Germany, General Counsel 2009–2013
GE Healthcare, several General Counsel roles, mostly based out of Wisconsin, USA 2003–2009
Instrumentarium Corporation, General Counsel 1998–2003
Partek Corporation, Legal Counsel 1996–1998
Instrumentarium Corporation, Legal Counsel 1989–1996

Member of the Board:

Fiskars Group, 2015–2024

Luca Sra

b. 1971, M.Sc. (Econ.), MBA

Member of the Board 2024–

IVECO GROUP, IVECO Truck Business Unit President and CEO 2022–
CNHI, IVECO Vice President Customer Service 2019–2021
Ingersoll Rand Group, Thermo King Vice President Sales and After Sales EMEA 2018–2019
Ingersoll Rand Group, Thermo King Dealer & Business Excellence Leader EMEA 2016–2018
CNHI, Managing Director Middle East & Africa and ASTRA CEO 2013–2016
IVECO & CNHI, various managerial positions 2008–2016

Chair of the Board :
IVECO, IVECO-Orecchia, 2019–

Member of the Board:
IVECO, IVECO Defence Vehicles, 2014–2016
IVECO, AMCE (JV with Ethiopian Government), 2013–2016
IVECO, TBCO (JV with Libyan Government), 2013–2016

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