Managing Director
The Managing Director of Lemminkäinen Corporation is responsible for the day-to-day management and practical planning of the Company’s businesses. The Managing Director also takes care of actions that are strategically important at Group level, such as preparations for acquisitions and the execution of measures decided by the Board of Directors. In addition, the Managing Director ensures that the Company’s management resources are sufficient and that the Company’s governance is appropriate and in accordance with the law. Mr. Juhani Sormaala, b. 1950, has served as the Company’s Managing Director since 1994.
The Managing Director is entitled to retire on reaching 60 years of age. As a consequence of the supplementary pension insurance provided by the Company, his pension at that time will be 60 per cent of his pensionable salary. In 2007 the Managing Director was paid a total of EUR 706,436, which included a performance-related bonus of EUR 115,200 and a retention bonus of EUR 150,036, making a total bonus package of EUR 265,236.
The Managing Director’s contract of employment may be terminated at six months’ notice. If the Company gives notice of termination, the Managing Director shall be entitled upon termination of the contract to receive a one-time severance payment equivalent to 18 months’ salary according to his salary rate at the time of contract termination.
Other executives
Lemminkäinen’s senior executives are the Managing Director and his immediate subordinate directors and managing directors, i.e. the managing directors of Lemminkäinen Talo Oy, Lemminkäinen Infra Oy and Tekmanni Oy, the director of Lemminkäinen Building Products, and Lemminkäinen Corporation’s directors of finance and legal affairs. The Company has no separate management body at Group level.
The members of the boards of directors of subsidiaries are generally senior executives employed in Lemminkäinen Group. The managing directors of Lemminkäinen’s major subsidiaries act as presenters in meetings of their respective boards of directors, which are all chaired by Lemminkäinen Corporation’s Managing Director. No separate remuneration is paid to employees of the Group in respect of subsidiary board membership.
Updated 7.3.2008