Cargotec CEO Mika Vehviläinen to retire in 2023

CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 20 DECEMBER 2022 AT 1.00 PM EET

Cargotec CEO Mika Vehviläinen to retire in 2023

Cargotec CEO Mika Vehviläinen has informed Cargotec’s Board of Directors of his intention to retire from Cargotec during 2023, in accordance with the terms of his CEO service contract. The Board has initiated a search for a successor.

“It has been both a privilege and a pleasure to lead the transformation of Cargotec together with so many committed and talented colleagues. After 10 years as CEO of the company, I believe this is the right time for a new CEO to lead the financially and operationally strong Cargotec into its next phase of growth. Executing on our refocused strategy remains our top priority, and in the months ahead I will remain fully focused on driving our performance to leverage the full benefits of our strategy,” says Mika Vehviläinen.

“Mika’s retirement next year will mark the end of a remarkable career with Cargotec. Under his leadership, Cargotec has made critical changes to its strategy, structure and performance that position it strongly for success. The work to develop the company to its full potential continues, and we will thank Mika warmly for his leadership and contribution to our business when he leaves next year,” says Jaakko Eskola, Chair of the Board of Directors.

Mika Vehviläinen was appointed as Cargotec CEO in 2013. He was born in 1961.

Cargotec Corporation

Board of Directors

For more information:

Carina Geber-Teir, Senior Vice President, Communications, tel. 5

Information for investors:

Aki Vesikallio, Vice President, Investor Relations, tel. 0

Cargotec (Nasdaq Helsinki: CGCBV) enables smarter cargo flow for a better everyday with its leading cargo handling solutions and services. Cargotec's business areas Kalmar, Hiab and MacGregor are pioneers in their fields. Through their unique position in ports, at sea and on roads, they optimise global cargo flows and create sustainable customer value. Cargotec has signed United Nations Global Compact Business Ambition for 1.5°C. The company's sales in 2021 totalled approximately EUR 3.3 billion and it employs around 11,500 people.