Cramo Plc        Stock Exchange Release    19 March 2020 at 9.00 am (EET)

Cramo Group announces resignation of Leif Gustafsson as President and Chief Executive Officer. Martin Holmgren named to take over.

Cramo Group announces that Mr Leif Gustafsson is resigning as the company's President and CEO to pursue other opportunities. Mr Gustafsson has held the President and CEO roles since 1^st of January 2016.

“It has been a privilege to lead this organisation. Now that Cramo is starting its next chapter as a part of the Boels organisation, the announced change of ownership feels like a natural moment for me to leave the company. I would like to express my gratitude to all Cramo employees for their great efforts which have been the foundation of our many successes. I look forward to seeing the Boels and Cramo combination to become a true European leader”, says Leif Gustafsson.

Mr Leif Gustafsson has agreed to remain in the company until the beginning of August of this year to ensure a smooth handover.

“I am grateful for Leif’s contribution in creating a combined Boels-Cramo organisation. I do, however, understand his decision to step down to pursue other opportunities. I thank him for his professionalism in developing Cramo”, says Mr Pierre Boels, President and CEO of Boels-Cramo Group.

The new Boels-Cramo organisation will as soon as permitted and practically possible be divided into two main business areas – Central Europe and Northern Europe. Central Europe will operate under the Boels brand and be headed by Mr Pierre Boels. Northern Europe will continue operating under the Cramo brand and be headed by Mr Martin Holmgren, currently SVP Fleet Management.

“Looking ahead, we will continue to build on the momentum we have created in our integration process and also on our goals to deliver value and service to our customers. I am confident in Martin’s ability to lead the Northern European organisation. His deep industry experience is highly valuable in today’s markets”, says Mr Pierre Boels, President and CEO of Boels-Cramo Group.

Mr Holmgren will assume his new position without delay. He joined Cramo in 2003 and has served on the Cramo executive team since 2009. He has helped lead and execute many of the company’s investments and strategy shifts.

“I look forward to leading this next chapter in Cramo’s history and to accelerate the innovation and execution that the market and our customers need from us.  As the industry evolves through restructuring and consolidation, I believe we are in a strong position to become the productivity partner of our customers”, says Mr Martin Holmgren.

Further information:
Sohana Josefsson, SVP Marketing & Communication, tel: +46 70 508 99 09, sohana.josefsson@cramo.com

Distribution:
Nasdaq Helsinki Ltd
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Cramo is one of the leading European equipment rental services companies with revenue of EUR 613 million in 2019, serving approximately 150,000 customers through around 300 depots across 11 markets with a full range of machinery, equipment and related services. Cramo enjoys solid market position in all key markets and has a strong focus on the most sophisticated customers primarily within the renovation and new-build construction, industrial and public sector end-markets. Cramo shares (CRA1V) are listed on Nasdaq Helsinki Ltd. Boels Topholding B.V. has acquired more than 90 percent of all Cramo's shares and will delist the company from Nasdaq Helsinki Ltd as soon as permitted under applicable laws.

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