21.12.2022

Cargotec CEO to retire

Cargotec chief executive Mika Vehviläinen is to retire during 2023, as a result the company has initiated a search for a successor.
Vehviläinen was appointed as chief executive in January 2013, having previously been chief executive of Finnair.

During the 10 years of his stewardship revenues have increased from €3.2 billion to a forecast €3.9 billion for this year, while pre-tax profits have improved from €78 million to €320 to €350 million. Last year a merger was agreed with Konecranes, which he was due to lead, but the deal was aborted earlier this year following tough conditions imposed by various regulatory/takeover approval authorities.
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Mika Vehviläinen

Speaking of his decision to leave the business, Vehviläinen, 60, said: “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 someone new 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.”

Chairman Jaakko Eskola added: “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.”

Vertikal Comment

In his 10 years at the helm, Mika Vehviläinen has overseen numerous acquisitions and disposals, and seen a good number of senior executive changes. MacGregor has been a constant variable during his tenure, with plans to float it, then sell it, then not, and most recently a final determination to sell - but not just yet. All said and done Cargotec has performed well under his leadership. And most importantly Hiab - the business in which we have the greatest interest - is a stronger and better company today.