Cramo Plc Stock Exchange Release 2 May 2019, at 9.00 am (EEST)
Cramo appoints the President and CEO and Group Management Team of Adapteo effective upon the completion of Cramo’s proposed demerger
The Board of Directors of Cramo Plc (“Cramo”) has appointed Philip Isell Lind af Hageby the President and CEO of Adapteo Plc (“Adapteo”), a company to be incorporated through the proposed partial demerger of Cramo announced on 18 February 2019 (the “Demerger”). Mr Isell Lind af Hageby has also been appointed Adapteo’s Executive Vice President, Rental Space Business Area. He has served as Cramo’s Executive Vice President, Modular Space and as a member of the Cramo Group Management Team since 2017, and he will continue in his current position until the completion of the Demerger, at which time the appointments in Adapteo will take effect. Previously, he served as Managing Director and Senior Vice President for Inwido Group’s Norwegian business area between 2016 and 2017 and held various positions at SCAN COIN between 2012 and 2015. Mr Isell Lind af Hageby holds a Master of Science degree in Economics from Stockholm School of Economics.
Furthermore, the following persons have been appointed to constitute Adapteo’s Group Management Team together with the President and CEO, with effect upon the completion of the Demerger:
Veli-Matti Reinikkala, Chairman of the Board of Cramo, comments: “We have been very impressed by Philip Isell Lind af Hageby’s performance as Cramo’s Executive Vice President, Modular Space since he joined Cramo in 2017. The Board is confident that Mr Isell Lind af Hageby and Adapteo’s Group Management Team have the right capabilities, personal qualities and experience to manage Adapteo’s strategy execution and growth following the completion of Cramo’s proposed demerger.”
Philip Isell Lind af Hageby, President and CEO of Adapteo (effective upon the completion of the Demerger), comments: “I am proud of the strong team that Adapteo has in place in anticipation of the proposed spin-off. In our view, Adapteo will have a scalable and competitive platform, and our focus will be on shareholder value creation through capturing the opportunities we see in various modular space markets.”
The Extraordinary General Meeting of Cramo resolving on the Demerger has been convened to be held on 17 June 2019, as set out in the notice published by Cramo on 2 May 2019. As previously announced, the completion of the Demerger is expected to take place no later than in the third quarter of 2019, the planned completion date being 1 July 2019.
President and CEO
Veli-Matti Reinikkala, Chairman of the Board of Directors, tel: +41 795 832 902
Philip Isell Lind af Hageby, President and CEO of Adapteo (effective upon the completion of the Demerger), tel: +46 73 022 19 36, e-mail: firstname.lastname@example.org
Nasdaq Helsinki Ltd.
Cramo is Europe’s second largest rental services company specialising in construction machinery and equipment rental and rental-related services as well as the rental of modular space. Cramo operates in about 300 depots in 14 countries. With a group staff around 2,700, Cramo's consolidated sales in 2018 was EUR 780 million. Cramo shares are listed on Nasdaq Helsinki Ltd.