President and CEO

The President and CEO is appointed by the Board to run the Company on a day-to-day basis in compliance with existing laws and regulations, as well as instructions and decisions given by the Board. Since duties of the Board include supervision of the managing director, Exel Composites' President and CEO shall not be elected as Chairman of the board. The areas of responsibility of the President and CEO include, in addition to the above mentioned legal requirements, and implementing the Board's decisions, specifically also securing growth of the business, acquisitions and strategic projects, the increase in shareholder value, profitability and efficiency of operations, and investments within the limits defined by the Board.

The President and CEO has a service contract that defines the responsibilities, powers, remuneration and termination procedure applying to the position. The period of notice of the President' is six months and the severance pay in the case of termination corresponds to 12 months' salary. The President has no separate pension agreement. In addition to mothly salary and fringe benefits, the President and CEO is eligible for a performance based bonus on an annual basis and a long-term incentive share-based compensation.

In 2009, the salaries, fringe benefits, bonuses and share-based compensation paid to Vesa Korpimies, President and CEO, totaled EUR 495 thousand. 

Management Group

The President is supported by the Management Group and is also a member of it. The Management Group includes, in addition to the President and CEO, the CFO, the Senior Vice President Operations and the Senior Vice President Sales. The President and CEO makes a proposal for the Management Group Team members and the Board of Directors approves the final composition of the Team. The President and CEO also directs the Management Group's activities. The Group meets 6 to 10 times a year. Its duties include, in addition to daily running of the business and development of all areas of the business, also drawing up business and strategic plans and implementing them.

The President and CEO presents the remuneration of the other members of the Management Group Team to the Board, which makes the decision on the remuneration.

Exel Composites' Board of Directors has approved the principles of a performance-based bonus system for the Group's top management.