Cargotec President will Lead Merged Cargotec-Konecranes Company

August 11, 2021 – Cargotec President Mika Vehviläinen will be president and CEO of the combined Cargotec-Konecranes company when the two complete their merger.

The boards of directors of the two companies have agreed to select Mika Vehviläinen as the president and CEO of the Future Company, and his appointment will be effective upon completion of the transaction, currently expected to take place by the end of H1/2022. Until completion, both companies will operate fully separately and independently.

Vehviläinen has served as Cargotec’s CEO since 2013. He is also a member of the board of directors of Danfoss A/S.

Before joining Cargotec, Vehviläinen was president and CEO of Finnair Plc from 2010 to 2013, as COO for Nokia Siemens Networks from 2007 to 2009, and in various positions with Nokia from 1991 to 2007. He holds a master’s degree in economics.

Christoph Vitzthum, chairman of the Future Company and chairman of Konecranes, said, “The Future Company has an ambition to become a global leader in sustainable material flow, and both boards are confident that Mika Vehviläinen, with his robust leadership and industry experience and proven track record of creating value at Cargotec and other companies, is exactly the right person for the position.”

Ilkka Herlin, chairman of Cargotec, said, in part, “Our customers are increasingly seeking green solutions, and this will be a major business driver and value creation opportunity for the Future Company. Mr. Vehviläinen has done an outstanding job and played an integral role over the past years transforming Cargotec’s business and the whole industry towards a more sustainable one.”