Cargotec Board of Directors' organising meeting
CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 19 MARCH 2012 AT 3.45 PM 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.
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, Karri Kaitue, Anja Silvennoinen and Teuvo Salminen 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.
For further information please contact:
Outi Aaltonen, Senior Vice President, General Counsel, Secretary of the Board, tel. +358 20 777 4020
Eeva Sipilä, Executive Vice President, CFO, tel. +358 20 777 4104
Anne Westersund, Vice President, Communications and Marketing, tel. +358 20 777 4460
Cargotec improves the efficiency of cargo flows on land and at sea - wherever cargo is on the move. Cargotec's daughter brands, Hiab, Kalmar and MacGregor 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 3.1 billion in 2011 and it employs approximately 11,000 people. Cargotec's class B shares are quoted on NASDAQ OMX Helsinki under symbol CGCBV www.cargotec.com