KONECRANES PLC STOCK EXCHANGE RELEASE August 6, 2021 at 8:58 EEST
President and CEO Rob Smith to leave Konecranes
Konecranes President and CEO Rob Smith has decided to leave the company. He will leave Konecranes on 31 December 2021. The company's CFO, Teo Ottola, who also serves as Deputy CEO, will be acting as the interim CEO from 1 January 2022 until the completion of the planned merger between Konecranes and Cargotec Corporation, which is currently expected by the end of H1/2022.
“Rob has been a true leader for Konecranes since joining in February 2020, steering the company through the unprecedented uncertainty of the pandemic and a planned merger to deliver the best for our customers and strong financial results. The board appreciates his commitment to ensuring a smooth transition. On behalf of the whole Board of Konecranes, I want to thank Rob for his contributions and hard work at the company and look forward to working with him until he leaves the company. I also wish him all the best in the future,” says Christoph Vitzthum, Chairman of the Board of Konecranes.
“It has been a privilege to lead Konecranes since February 2020, and I am proud of how we have come together as one global team to deliver excellent performance in the midst of the COVID-19 pandemic. In particular, we have focused on our strategy and strategic initiatives, and made excellent progress on these fronts as seen in our strong financial performance and our successful initial steps towards creating a global leader in sustainable material flow with Cargotec. While I have now made a personal decision to pursue opportunities outside of Konecranes, I am fully committed to Konecranes continuing its exciting track record of delivering outstanding performance for the success of our employees, customers and partners,” says Rob Smith, Konecranes President and CEO.
Vice President, Investor Relations
Kiira Fröberg, Vice President, Investor Relations, tel. +358 (0) 20 427 2050
The Merger and the merger consideration securities have not been and will not be registered under the U.S. Securities Act of 1933 (the “Securities Act”), and may not be offered, sold or delivered within or into the United States, except pursuant to an applicable exemption of, or in a transaction not subject to, the Securities Act.
The information in this release is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of, or located in, the United States or any other locality, state, country or other jurisdiction where such distribution or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction and it does not constitute an offer of or an invitation by or on behalf of, Konecranes, or any other person, to purchase or sell any securities.
The information in this release contains forward-looking statements, which are information on Konecranes’ current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance and business. These statements may include, without limitation, any statements preceded by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “may,” “anticipate,” “estimate,” “plan,” “project,” “will,” “can have,” “likely,” “should,” “would,” “could” and other words and terms of similar meaning or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond Konecranes’ control that could cause Konecranes’ actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding Konecranes’ present and future business strategies and the environment in which it will operate in the future.
Konecranes is a world-leading group of Lifting Businesses™, serving a broad range of customers, including manufacturing and process industries, shipyards, ports and terminals. Konecranes provides productivity enhancing lifting solutions as well as services for lifting equipment of all makes. In 2020, Group sales totaled EUR 3.2 billion. The Group has around 16,500 employees in 50 countries. Konecranes shares are listed on the Nasdaq Helsinki (symbol: KCR).