The Board of Directors of Fortaco Group Oy today announced that Mika Kari has stepped down as managing director, effective immediately. Esko Harila, CFO, will serve as acting managing director on an interim basis and Peter Augustsson, the chairman of the board, will have an active supporting role until a new managing director will start at the company. Recruitment of a new managing director is in process and the appointment will be announced in due course.

During his time at Fortaco (previously Komas), Mika Kari managed the significant restructuring of the manufacturing operations, including divesting and combining smaller units into larger entities with long-term competitiveness, creation of a state-of-the-art management team, significantly adding operations in best cost countries specifically through a take-over of Cargotec’s operations in Narva, Estonia and the merger with Ruukki Engineering, as well as integration of the combined operations.

“Mika Kari came to Fortaco to address specific challenges in the business, most importantly the required restructuring of the operations that has now been successfully completed with the combination with Ruukki Engineering. This challenging task has been well executed,” says Mr. Augustsson on behalf of the Fortaco Board of Directors.

“Mika has indicated his desire to pursue other career opportunities. To facilitate these professional goals and Fortaco’s efficient transition to new management, we have agreed with Mika that it is in the best interest of the company that he steps down at this time. We thank Mika for his leadership and contributions in seeing through this period of challenging transition,” Mr. Augustsson continued.

“As I reflect on the accomplishments of the last two years, I am very proud of the progress we have made, despite the challenges in the overall economy,” says Mr. Kari. “I know I leave Fortaco with a great foundation and a strong team that will take the organization forward.” Funds managed by CapMan and Rautaruukki Corporation agreed in October to combine units of Komas and Ruukki’s Engineering division to form a new company called Fortaco.