Cargotec announced on Tuesday that its board of directors received notification from CEO Mika Vehviläinen that he will retire in 2023, in accordance with the terms of his contract.
The board has started its a search for a successor, the Finnish cargo-handling machinery manufacturer 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 a new CEO to lead the financially and operationally strong Cargotec into its next phase of growth,” said Vehviläinen, who has served as Cargotec CEO since 2013. “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.”
Jaakko Eskola, Chair of the Board of Directors, said, “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.”