Cramo chief executive Leif Gustafsson and two other senior managers - chief financial officer Aku Rumpunen and senior vice president mergers, acquisitions and corporate development Mika Kouhi - will leave the company.
Rumpunen has been the CFO of Cramo since 2016 having previously been senior vice president group business control. He will remain onboard until the beginning of August to ensure a smooth transition to Boels - which acquired the business last month - and assist with the delisting of Cramo shares.
Ville Halttunen has taken over as chief financial officer having previously been responsible for the business control function. He joined Cramo in 2008, following almost three years with PWC as an associate auditor and then M&A analyst.
Gustafsson said: “I would like to thank Aku for his many contributions to developing and strengthening Cramo into a pure equipment rental company. He has been a strong financial leader through several complex transactions such as the partial demerger which was completed last year. He has been a valuable member to our group management team who has not only helped strengthen and develop our financial foundation and processes but has also been integral to the significant growth and performance that Cramo has achieved over the past years. I would like wish him all the best in his future pursuits’.’
Mika Kouhi joined Cramo in 2013 from German bio pharmaceutical company Agennix and will depart in mid April.
“Mika has been a driving force behind the formation and execution of Cramo group’s strategy," added Gustafsson. "Mika has been central in transforming the company through diverse transactions, and has led our deal teams in divestments, acquisitions and in both recent stock market related transactions. I have always appreciated the broader perspective he has taken as a member of group management. Through his strong commercial background and technical knowledge, he has made major contributions to our continued growth. After seven years at Cramo, I understand that Mika wants to look for new challenges outside of the company. I want to warmly thank him for this time and wish him all the best.”
Leif Gustafsson was appointed as chief executive in late 2015 and officially took up the role at the start of 2016. He has resigned to ‘pursue other opportunities’ and will be replaced by Martin Holmgren, currently senior vice president of fleet management. Holmgren has worked at Cramo since 2003 and joined the senior executive team in 2009.
Gustafsson will remain on board until the start of August in order to assist with the integration plans. Speaking of the decision he said: “It has been a privilege to lead this organisation. Now that Cramo is starting its next chapter as a part of the Boels organisation, the announced change of ownership feels like a natural moment for me to leave the company. I would like to express my gratitude to all Cramo employees for their great efforts which have been the foundation of our many successes. I look forward to seeing the Boels and Cramo combination to become a true European leader.”
Boels chief executive Pierre Boels added: “I am grateful for Leif’s contribution in creating a combined Boels-Cramo organisation. I do, however, understand his decision to step down to pursue other opportunities. I thank him for his professionalism in developing Cramo.”
The new Boels-Cramo organisation will be divided into two main business areas Central Europe and Northern Europe. Central Europe will operate under the Boels brand with Pierre Boels at the helms, while Northern Europe will continue to operate under the Cramo brand under the leadership of Martin Holmgren.
“Looking ahead, we will continue to build on the momentum we have created in our integration process and also on our goals to deliver value and service to our customers. I am confident in Martin’s ability to lead the Northern European organisation. His deep industry experience is highly valuable in today’s markets”, added Boels.
Holmgren said: “I look forward to leading this next chapter in Cramo’s history and to accelerate the innovation and execution that the market and our customers need from us. As the industry evolves through restructuring and consolidation, I believe we are in a strong position to become the productivity partner of our customers.”