7/12/2005 4:56 PM|
July 12, 2005
Cargotec's Board of Directors elected in the Extraordinary Shareholders' Meeting has in its first organizing meeting elected, in accordance with the proposal of the Nomination Committee, Ilkka Herlin as Chairman of the Board and Henrik Ehrnrooth as Deputy Chairman. Cargotec's Senior Executive Vice President and CFO Kari Heinistö will serve as secretary to the Board of Directors. In addition, the Board of Directors decided to establish two committees to assist in its work, an Audit Committee and a Nomination and Compensation Committee.
The Board of Directors appointed among its members Karri Kaitue as Chairman of the Audit Committee while Ilkka Herlin and Peter Immonen were selected as members of the Committee. Board members Tapio Hakakari, Ilkka Herlin and Peter Immonen were appointed by the Board of Directors to the Nomination and Compensation Committee, with Ilkka Herlin acting as Chairman of the Committee.
The Board of Directors has also reviewed the independence of its members as defined in the corporate governance recommendation of the Helsinki Stock Exchange. The Board of Directors stated that all its members are independent with the exception of Ilkka Herlin who has a significant shareholding in the Company.
Senior Executive Vice President and CFO
SVP, Investor Relations and Communications
For further information, please contact:
Kari Heinistö, Senior Executive Vice President and CFO, tel. +358 204 55 4542
Eeva Mäkelä, SVP, IR and Communications, tel. +358 204 55 4281
Cargotec Corporation is the world's leading provider of cargo-handling solutions for ships, ports, terminals and local distribution. Its three business areas, Kalmar, Hiab and MacGREGOR operate in materials hubs. Net sales of Cargotec were approximately EUR 1.9 billion in 2004 and the company has approximately 7,300 employees in over 140 countries. Cargotec's shares are listed on the Helsinki Stock Exchange.