One of the leading port equipment manufacturers in the world, Konecranes Plc says its Board of Directors has decided to establish a new share-based incentive plan for its key employees.
According to Konecranes, the new Restricted Share Unit Plan 2020 (“Plan”) is intended to function as a bridge plan for the transition period before the closing of the Transaction and forming the combined company in the merger (“Transition Period”).
It would be recalled that Konecranes Plc and Cargotec Corporation had on October 1, 2020 signed a combination agreement and a merger plan to combine the two companies through a merger (“Transaction”). Information on the Transaction was available on the stock exchange release issued on the same day.
Konecranes said ‘’the aim of the plan is to align the objectives of the shareholders and the key employees, to secure business continuity during the Transition Period, and to retain key employees at the company.
‘’The reward from the plan is conditional to the closing of the Transaction. In addition, the reward is based on a valid employment or service and the continuity of the employment or service during the waiting period. The reward is paid partly in shares and partly in cash, after the end of the waiting period, ending on the closing date of the Transaction. Shares received as a reward in the Plan may not be sold, transferred, pledged or otherwise assigned during the 12-month lock-up period. The lock-up period begins on the date following the closing date of the Transaction.
‘’The plan is intended for selected key employees only, approximately 100 employees, including the Konecranes Leadership Team members. The rewards to be allocated in Konecranes Plc shares on the basis of the Plan will amount up to an approximate maximum total of 120,000 Konecranes Plc shares. In addition, a cash proportion is included in the reward to cover taxes and tax-related costs arising from the reward.’’
In another development, Konecranes has announced changes in its leadership team with the appointment of Topi Tiitola as Senior Vice President, Integration and Project Management Office and Member of the Konecranes Leadership Team.
In his role Mr. Tiitola will be responsible for business integration and transformation projects. He will report to Rob Smith, President and CEO. Mr. Tiitola starts in his new position on 1 November 2020. Consequently, the Konecranes Leadership Team grows by one member.
Mr. Tiitola joined Konecranes in 1995 as an assistant controller and has held several positions within finance and business support since then. Previously, he was in charge of the three-year long company-wide integration project following the MHPS acquisition. Mr. Tiitola has a Master’s degree in Accounting.
“Thanks to his long career within the company, Topi Tiitola has wide experience across Konecranes businesses. He led the MHPS integration program from the start to the finish line. The project was highly successful and positioned us very well for the future. As Konecranes is now ready for the next phase, Topi brings an ideal combination of integration skills and experience to our Konecranes Leadership Team.”, says Rob Smith, President and CEO of Konecranes.
Other members of the team are Rob Smith, President and CEO, Teo Ottola, CFO, Deputy CEO, Fabio Fiorino, Executive Vice President, Business Area Service, Carolin Paulus, Executive Vice President, Business Area Industrial Equipment, Mika Mahlberg, Executive Vice President, Business Area Port Solutions, Juha Pankakoski, Executive Vice President, Technologies, Timo Leskinen, Senior Vice President, Human Resources, Sirpa Poitsalo, Senior Vice President, General Counsel
Konecranes however noted that Annual General Meeting is planned to be held on Tuesday, March 30, 2021 while its annual report will be published at least on Friday, March 5, 2021.