Cargotec's Board of Directors has approved a share-based incentive programme for management for the year 2013
23/08/2013
In order to ensure improvement of Cargotec's financial performance, Cargotec's Board of Directors is redefining compensation and incentive structures. The Board of Directors has approved a new share-based incentive programme for key personnel of Cargotec. The purpose of the programme is to encourage the persons to work to increase long-term shareholder value and also to commit them to the company.
The programme consists of an earnings period based on the H2/2013 financial performance and a holding period of approximately two years following the performance period.
The potential reward will be delivered in Cargotec class B shares. The shares will be delivered in spring 2014 and will be released in two tranches during year 2015.
If the targets are fully met, the cost of the programme is approximately EUR 6 million. The number of the participants is 42 persons, including Cargotec's President and CEO and members of the Executive Board.
No new shares will be issued in connection with the above programme and therefore the programme will have no diluting effect.
For further information, please contact:
Eeva Sipilä, Executive Vice President, CFO, tel. +358 20 777 4104
Paula Liimatta, Director, Investor Relations, tel. +358 20 777 4084
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 10,000 people. Cargotec's class B shares are quoted on NASDAQ OMX Helsinki under symbol CGCBV. www.cargotec.com