President & CEO and Group Management Team

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 member 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 Board of Directors has adopted Rules of Procedure for the Managing Director containing guidelines and instructions regarding the Company's day-to-day management.

The President is supported by the Group Management Team and is also a member of it. The Group Management Team includes, in addition to the President and CEO, the CFO, the SVP R&D and Technology, the SVP Sales and Marketing, the SVP Operations, the SVP Human Resources, and the SVP Strategic Projects. The President and CEO makes a proposal for the Group Management Team members and the Board of Directors approves the final composition of the Team. The President and CEO also directs the Group Management Team's activities. The Group Management Team 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 Group Management 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.

Further information on the President and CEO's remuneration and service contract as well as the Group Management Team's compensation in 2015 can be found in the Remuneration Statement.

Exel Composites Oyj, Vantaa head office, Mäkituvantie 5, FI-01510 Vantaa, Finland