Vantaa, Finland, 2013-09-24 13:30 CEST (GLOBE NEWSWIRE) -- Cramo Plc Stock Exchange Release 24 September 2013 at 2.30 pm (EET)
Stig Gustavson to step down as Chairman in 2014
Dr Stig Gustavson, Chairman of the Board of Directors of Cramo Plc, has informed the Board of Directors in its meeting held today that he will not be available in the election of the Board of Directors in the next Annual General Meeting. Dr Gustavson continues to serve as the Chairman of the Board of Directors until the end of his term.
Dr Gustavson (born 1945) has served as a member of the Board of Directors since 2006 and as Chairman since 2007. Dr Gustavson made his announcement to allow the company sufficient time to complete a succession planning process before the election of the Board of Directors in the Annual General Meeting in 2014.
The Nomination and Compensation Committee of Cramo Plc has a duty to make a proposal regarding the composition of the Board of Directors to the Annual General Meeting. The Annual General Meeting will elect the new Board of Directors of Cramo Plc in 2014 and the new Board of Directors will elect the Chairman from amongst its members.
In order to ensure continuity in the management of the company, the Nomination and Compensation Committee has requested Ms Helene Biström to give her consent to be re-elected as a member of the Board of Directors at the next Annual General Meeting in 2014. Ms Biström, who has served as a member of the Board of Directors since 2011, has given her consent to the candidacy.
The Board of Directors announces that, contingent on a majority of its current members being re-elected at the next Annual General Meeting, it intends to elect Ms Biström as the new Chairman. Ms Biström has consented to the intended election.
To facilitate the work of the Nomination and Compensation Committee during the search for other candidates for members of the Board of Directors, the Board of Directors resolved in its meeting today to elect Ms Helene Biström as the Chairman of the Nomination and Compensation Committee, replacing Dr Stig Gustavson with immediate effect. Dr Gustavson continues to serve as a member of the Nomination and Compensation Committee until the next Annual General Meeting.
President and CEO
Vesa Koivula, President and CEO, tel. +358 10 661 10 or +358 40 510 5710
NASDAQ OMX Helsinki Ltd.
Cramo is one of the largest equipment rental service companies in Europe, specialising in construction machinery and equipment rental and rental-related services as well as the rental of modular space. Cramo operates in fifteen countries with close to 400 depots. With a group staff around 2.550, Cramo’s consolidated sales in 2012 was EUR 690 million. Cramo shares are listed on the NASDAQ OMX Helsinki Ltd. Further information: www.cramo.com