CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 11 FEBRUARY 2025 AT 6:45 PM EET

Leadership team appointed for Standalone Hiab

Cargotec’s Board of Directors has today approved the appointment of a new leadership team for the company as of 1 April 2025 consisting of the current Hiab Leadership Team members. The appointments are conditional upon the successful completion of Cargotec's transformation project.

Cargotec’s transformation project has progressed according to the plan and targets set by the Board in 2023. Cargotec’s Board of Directors is proposing to Cargotec’s General Meeting of shareholders to be held on 26 March 2025 that the company’s name would be changed from Cargotec to Hiab (“Standalone Hiab”) as once the transaction to sell the MacGregor business has been closed, Hiab will continue its growth and development as the remaining standalone part of the group. As the name change enters into force, the current President and CEO of Cargotec, Casimir Lindholm, and the current leadership team of Cargotec would step down from their current positions, after a successfully executed transformation project of the Cargotec group. 

As of 1 April 2025, the company’s leadership team would consist of: 

• President and Chief Executive Officer (CEO), Scott Phillips
• Executive Vice President (EVP), CFO, Mikko Puolakka
• President, Loader Cranes, Heavy and Superheavy, interim Marcel Boxem 
• President, Services, Michaël Bruninx
• President, Demountables and Defence, Hermanni Lyyski
• President, Truck Mounted Forklifts, Barry McGrane
• President, Tail Lifts, Martin Saint
• President, Loader Cranes, Light and Medium, Magdalena Wojtowicz-Tokarz
• Executive Vice President (EVP), Business Excellence and Sustainability, Sanna Ahonen
• Executive Vice President (EVP), HR, Ghita Jansson-Kiuru
• Executive Vice President (EVP), Marketing and Communications, Birgitte Skade
• Executive Vice President (EVP), General Counsel, Taina Tirkkonen
• Executive Vice President (EVP), Business Operations Development, interim Scott Phillips

The appointments of Scott Phillips as the President and CEO of Standalone Hiab and the current Cargotec CFO Mikko Puolakka as CFO of Standalone Hiab were announced earlier, on 27 May 2024.

Cargotec Chair, Mr. Ilkka Herlin, said: “The Leadership Team of standalone Hiab consists of very experienced and knowledgeable industry leaders, who have extensive background in Hiab and its operations. The team has done excellent work over the past years, and I’m confident that the company’s progress and results will further improve going forward.”  

Ilkka Herlin, Cargotec Chair, continues: “Cargotec’s transformation project, including listing Kalmar as a separate company, preparing Hiab for its standalone future and finding a solution for MacGregor, has progressed according to the plan and targets set by the Board in 2023. This transformation has been a remarkable and a very well managed journey. On behalf of the entire Board, I want to express our appreciation and gratitude to Cargotec’s Leadership Team and its exiting members, Casimir Lindholm, Leif Byström, Outi Aaltonen, Mikael Laine, Soili Mäkinen and Mikko Pelkonen, for their commitment to excellence, their unwavering focus on unlocking shareholder value and creating a stronger future for the businesses.” 

For more information, please contact:

Mikko Pelkonen, SVP, Human Resources, tel. +358 20 777 4000
Aki Vesikallio, Vice President, Investor Relations, tel. +358 40 729 1670

Cargotec’s (Nasdaq Helsinki: CGCBV) Hiab business is a leading provider of smart and sustainable on road load-handling solutions, committed to delivering the best customer experience every day with the most engaged people and partners. The company's continuing operations sales in 2023 totalled approximately EUR 1.8 billion and it employs over 4,000 people. www.cargotec.com