GlobeNewswire by notified

FLSmidth appoints Mikko Keto as new Group CEO

Share

Company announcement 16-2021, COPENHAGEN, DENMARK

Thomas Schulz, FLSmidth’s Group CEO, has made the decision to take a role outside of the company, and will therefore step down as FLSmidth’s CEO by end of 2021. Mikko Keto, who joined FLSmidth in January 2021 as President of FLSmidth’s Mining business and member of Group Executive Management, has been appointed incoming CEO by FLSmidth’s Board of Directors, effective 1 January 2022.

Vagn Sørensen, Chairman, states: “I am pleased we are able to recruit internally for such a vital position, which will ensure a continuation of the strong progress FLSmidth is demonstrating. Since joining FLSmidth, Mikko has been setting a clear direction for our Mining business and is overseeing the thyssenkrupp acquisition’s* integration planning. There is significant growth potential ahead in the mining industry, and Mikko’s experience including his leadership skills, comprehensive industry insight and proven track record in driving business initiatives that deliver profitability will be a competitive advantage for FLSmidth. I have strong confidence is his ability to deliver a very successful and profitable FLSmidth going forward and unfold the full potential of MissionZero.” 

Since joining FLSmidth in 2013, Thomas Schulz has transformed the company from a predominately capital project organisation to an organisation with more focus on service and aftermarket, and with a much stronger local presence and closer proximity to customers. Under Thomas Schulz’ leadership, the company has invested heavily in digital offerings and competences, as well as launched the industry leading sustainability ambition, MissionZero, which aims to deliver zero emission technology for cement and mining by 2030. MissionZero has won global recognition and demonstrated FLSmidth’s strong leadership within sustainability. Thomas will continue as CEO through year end to ensure a well-planned handover and a seamless transition of the company's affairs and operations to Mikko Keto.

Thomas Schulz says: “After more than eight years at the helm of FLSmidth, including many years navigating the extended downturns in Mining and most recently the global pandemic, I’m proud to see all that we have accomplished together, and excited about what lies ahead for FLSmidth. Our strategy to deliver fully digitalised sustainability offerings and to expand our service and aftermarket business has put us in the solid position to pursue opportunities for profitability and growth in both mining and cement. Today, we are poised to complete the acquisition of thyssenkrupp’s Mining business, one of the largest acquisitions in the history of the company. This would not have been possible without the excellent contributions from our global colleagues. With so much strong work underway and with a highly qualified leadership team in place, this is the right time for me to take on a new opportunity. I believe Mikko is an excellent choice to be our next CEO. I also want to thank the Chairman, Vagn Sørensen, and the Board of Directors for their support and fruitful collaboration over the years.”

As incoming CEO, one of his key priorities will be to ensure FLSmidth delivers on the announced Cement reshaping and repositioning plan, bringing FLSmidth’s Cement business back to profitability and ensuring the organisation is ready to capture the current and future market for green cement. As previously announced, the Company’s Cement organisation will in the future run more as a stand-alone entity within FLSmidth which will deliver benefits from group synergies.

As the revenue split following the thyssenkrupp integration will be approximately 75% Mining and 25% Cement, the Group CEO is also the Mining President going forward, and hence, no recruitment for a new Mining President is needed. After the handover of roles at the new year, Thomas Schulz will stay on with FLSmidth through end of February 2022 to support any remaining transition actions.

Vagn Sørensen adds: “I want to thank Thomas for his strong leadership, the execution of the strategy and solid results. FLSmidth today is a much better company, more focused, closer to its customers and with a larger and significantly better service and aftermarket offering. Under Thomas’ leadership, FLSmidthlaunched MissionZero and was one of the first companies within mining and cement to join the Science Based Targets initiative.”

Mikko Keto looks forward to taking on the new role, stating: “I am extremely honoured and excited about the opportunity to lead the entire FLSmidth organisation and work closely with our talented colleagues around the world. Over the past few years, even in the face of great challenge, we have leveraged FLSmidth’s global footprint, business mix and operating model, more clearly defined ourselves as the leaders in digitalisation and sustainability, and set the course towards 2030 and beyond. My enthusiasm for cement and mining, driving productivity, digitalisation and to be a part of the commercialisation of MissionZero is what brought me to FLSmidth, and with great pride I will drive our winning strategy forward as the company’s next CEO.”


About Mikko Keto

Mikko Keto joined FLSmidth in January 2021 as President, Mining Industry from Metso where he was President, Minerals Services and Pumps. His prior roles for Metso include Senior Vice President, Spare Parts; Senior Vice President of Performance Services business line; President of Automation Services; and Vice President of Flow Control Services. He also served as a member of the company’s Executive Team. Earlier in his career, Keto was Head of Sales for the Maintenance business unit at KONE Corporation, and held senior management and sales positions at Nokia Networks. He holds an MSc in Economics from Helsinki School of Economics.


Contacts

Media Relations
Rasmus Windfeld, +45 40 44 60 60, rwin@flsmidth.com

Investor Relations

Nicolai Mauritzen, +45 30 93 18 51, nicm@flsmidth.com

FLSmidth provides sustainable productivity to the global mining and cement industries. We deliver market-leading engineering, equipment and service solutions that enable our customers to improve performance, drive down costs and reduce environmental impact. Our operations span the globe and we are close to 10,700 employees, present in more than 60 countries. In 2020, FLSmidth generated revenue of DKK 16.4 billion. MissionZero is our sustainability ambition towards zero emissions in mining and cement by 2030. FLSmidth works within fully validated Science-Based Targets, our commitment to keep global warming below 1.5°C and to becoming carbon neutral in our own operations by 2030.

www.flsmidth.com/MissionZero

Attachments

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://notified.com

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

SOFTSWISS Unveils South African iGaming Market Overview28.3.2024 16:52:00 CET | Press release

South Africa’s iGaming market is on a remarkable growth trajectory, set to reach a total revenue of approximately EUR 64.9 million by 2028. SOFTSWISS, a leading iGaming software provider with 15 years of experience, shares the South African market report. GZIRA, Malta, March 28, 2024 (GLOBE NEWSWIRE) -- In light of the recent acquisition of Turfsport, a leading South African provider of wagering solutions, the SOFTSWISS report offers first-hand practical experience. The piece explores peculiarities distinguishing South Africa, including provincial licensing, sports betting, and gaming preferences. Provincial Licensing Online gambling in South Africa is governed by nine provincial regulatory bodies which operate under the National Gambling Board’s framework. Each body is responsible for licensing various gambling activities, including online sports betting, in their provinces. Christian Neuberger, CEO at Turfsport, adds: “While national legislation continues prohibiting interactive gami

Chief People Officer, Amy Hanlon-Rodemich to leave Nokia28.3.2024 15:15:00 CET | Press release

Nokia Corporation Stock Exchange Release 28 March 2024 at 16:15 EET Chief People Officer, Amy Hanlon-Rodemich to leave Nokia Espoo, Finland – Nokia today announces that its Chief People Officer, Amy Hanlon-Rodemich, will leave the company and step down from its Group Leadership Team. A recruitment process will begin immediately for her successor and Amy will retain an advisory role during her notice period. Amy joined Nokia in 2022 and has been key to renewing the company’s people services and employee experience. “This has been a difficult decision for me to take. I’ve enjoyed my time at Nokia and am looking forward to the next chapter in my career. I wish everyone at Nokia continued success,” commented Amy. “I would like to thank Amy for her contributions to Nokia and leadership of the People organisation. I wish her all the best with her future endeavours,” said Pekka Lundmark, President and CEO of Nokia. Lorna Gibb, Vice President, Labor & Employment, will assume the role of interi

Fenix Outdoor: Fenix Outdoor International AG Årsredovisning samt Hållbarhetsrapport 202328.3.2024 15:00:00 CET | Pressemelding

Zug 2024-03-28 Press meddelande - Årsredovisning samt Hållbarhetsrapport 2023 Bifogat Års- och Hållbarhetsredovisning för 2023. Årsredovisningen skiljer sig från Q4 pressmeddelandet på en punkt. Bokslutskommuniké Årsredovisning Nyttjanderättstillgångar MEUR 130,5 MEUR 117,2 Summa tillgångar MEUR 743,2 MEUR 729,9 Skillnaden består i tillägget av ett tyskt hyreskontrakt förlängt från 2024-01-01, undertecknat 2023. Inga effekter i resultaträkningen för 2023. Bilagor feni-2023-12-31-enAnnual_Report_2023Årsredovisning_2023CSR_2023

Fenix Outdoor: Fenix Outdoor International AG Annual and CSR report 202328.3.2024 15:00:00 CET | Press release

Zug 2024-03-28 Pressrelease - Annual and CSR report 2023 Attached Annual and CSR report 2023. The annual report differs from the Q4 press release in one position. Q4 Press release Annual Report Right of Use asset MEUR 130.5 MEUR 117,2 Total Asset MEUR 743.2 MEUR 729.9 The reason for the difference is the addition of a German lease contract prolonged from 2024-01-01, signed in 2023. No effects in Income statement for 2023. Attachments feni-2023-12-31-enAnnual_Report_2023Årsredovisning_2023CSR_2023

eQ Plc Managers' Transactions – Staffan Jåfs28.3.2024 15:00:00 CET | Press release

eQ Plc Managers' Transactions 28 March 2024 at 4:00 p.m. Person subject to the notification requirement Name: Staffan Jåfs Position: Other senior manager Issuer: eQ Oyj LEI: 743700R4FA6AVH5J3D68 Notification type: INITIAL NOTIFICATION Reference number: 57077/4/4 ____________________________________________ Transaction date: 2024-03-26 Outside a trading venue Instrument type: SHARE ISIN: FI0009009617 Nature of transaction: SUBSCRIPTION (X) Linked to stock option programme Transaction details (1): Volume: 65000 Unit price: 3.62 EUR Aggregated transactions (1): Volume: 65000 Volume weighted average price: 3.62 EUR eQ Plc Additional information: Juha Surve, Group General Counsel, tel. +358 9 6817 8733 Distribution: Nasdaq Helsinki, www.eQ.fi eQ Group is a Finnish group of companies specialising in asset management and corporate finance business. eQ Asset Management offers a wide range of asset management services (including private equity funds and real estate asset management) for institu

HiddenA line styled icon from Orion Icon Library.Eye