New Cargotec ceo flown in
Helsinki: Cargotec has tapped Finnair for its new ceo to replace Mikael Maekinen who moved to Singapore last October to lead the company’s Asian listing due on June 30.
Mika Vehvilaeinen, who had been ceo of Finnair for the past three years, has accepted an annual base salary of EUR600,000 and moves to the Finnish cargo equipment manufacturing giant. Prior to Finnair, Vehvilaeinen was with Nokia.
Cargotec is proceeding with listing its marine division on the Singapore Exchange this summer. The company reckons that a listing of Cargotec Marine as an independent company on the Singapore Exchange would strengthen its business presence in Asia and secure profitable growth. Already today more than 70% of Cargotec Marine's sales are generated in Asia-Pacific.
“A strong presence in Singapore could open new business opportunities especially in offshore,” Cargotec noted in a release last year. [28/01/13]