Konecranes’ President and CEO holds the position of Managing Director under the Companies Act. The Board decides on the appointment and dismissal of the President and CEO. The President and CEO may be a member of the Board of Directors, but may not act as its Chairman. Konecranes has an Interim-CEO until 1 February 2020 when the new CEO starts his position with Konecranes. The current Interim CEO, Mr Teo Ottola, is not a member of the Board of Directors.
Under the Companies Act, the President and CEO is responsible for the day-to-day management of the Company in accordance with instructions and orders given by the Board. The President and CEO may undertake actions which, considering the scope and nature of the operations of the Company, are unusual or extensive, only with the authorization of the Board. The President and CEO shall see to it that the Company’s accounting practices comply with the law and that its financial affairs have been arranged in a reliable manner. The President and CEO is also responsible for preparing matters presented to the Board and for the Company’s strategic planning, finance, financial planning, reporting, and risk management.
President and CEO’s contract of employment
The terms and conditions of the President and CEO’s contract of employment are specified in writing in a document approved by the Board. The Interim CEO’s contract of employment may be terminated with six months’ notice at any time by the Interim CEO or with nine months’ notice by the company. In the event that the Company terminates the contract without due cause, the Company shall pay the Interim CEO compensation corresponding to 9 months’ salary and fringe benefits, in addition to the salary for the notice period. The Finnish pensions act defines the Interim CEO’s retirement age at 65 years and 6 months. In addition to the statutory pension there is a defined contribution scheme with a contribution level at 1 percent of his annual salary.
Information on remuneration of the President and CEO is available under Remuneration of the President and CEO.