The Company is headed by the Board of Directors and by the President and Chief Executive Officer. In his absence, the Deputy CEO substitutes for the President and CEO. The President and CEO works with a Group Management team appointed by the Board of Directors.
The President and CEO is appointed and dismissed by the Board of Directors. The terms of his employment relationship are established in a written contract that is approved by the Board. The President and CEO may be elected to the Board, but not as its Chairman. Jan Hanses has been the President and CEO of the Company since March 20, 2014, when he succeeded Mikael Backman in this position.
As compensation for his work, the President and CEO is paid a monthly salary that is reviewed by the Board yearly. Jan Hanses receives a monthly salary of EUR 21,000 and the following additional benefits in kind: telephone benefits and group life insurance coverage, including insurance for medical expenses. The President and CEO is subject to the terms of the Finnish public pension system. The retirement age of the President and CEO is 63-68. The President and CEO has a termination notice period of 8 months. The Company's Board is entitled to terminate his contract, but the President and CEO will enjoy 8 months of salary after the termination date.
In addition to the President and CEO, the Board also appoints the Deputy CEO and the other members of Group Management. Under the leadership of the President and CEO, Group Management is responsible for directing the Company's operating activities as well as strategic and financial planning. Group Management meets regularly.
Group Management consists of:
Members of Group Management receive a monthly salary, which is discussed yearly by the Board of Directors. In case of termination by the Company, the members of Group Management receive 6 months of salary. As of 2014, the Company has no incentive scheme or bonus systems.