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KONE Announces Organizational Changes

Stock Exchange Release Published 26/04/2005

In accordance with previously announced plans, KONE will demerge on 1 June, 2005 into two new corporations: KONE Corporation, an elevator and escalator company, and Cargotec Corporation, a cargo-handling company.

In anticipation of the demerger, KONE Elevators and Escalators business organization will be developed by clarifying and strengthening the matrix consisting on the one hand of global business units and on the other of areas comprising local sales and service companies. As a consequence, KONE’s area directors will become members of the Executive Board. The objective of these developments is to increase customer focus, to become faster and better in responding to the differing needs of various market areas and to improve the productivity derived from common global functions and processes. After the changes, the KONE management will be located more evenly across the company’s main market areas. The following appointments, which take effect from 1 May, 2005, have been made in conjunction with these developments:
Area directors Pekka Kemppainen, Eric Maziol and Heimo Mäkinen have been appointed members of KONE’s Executive Board. Pekka Kemppainen is responsible for the Asia-Pacific Area and is located in Hong Kong; Eric Maziol’s area is West and South Europe, and his location is Nice, France; and Heimo Mäkinen is responsible for North America and is located in Moline, Illinois, U.S.A. Noud Veeger, who was previously heading the New Elevator and Escalator Business, takes responsibility for Central and North Europe and continues as a member of the Executive Board. He will be located in London, U.K.
Global Research & Development activities related to new equipment will be integrated into the New Elevator and Escalator Business. Heikki Leppänen, previously head of Global Research and Development, takes responsibility for New Elevator and Escalator Business, and becomes a member of the Executive Board. He will be located in Espoo, Finland. Replacing Leppänen in Global R&D is Jussi Oijala, whose previous assignment was head of the R&D Unit Finland.
Peter De Neef takes responsibility for Elevator and Escalator Service Business, and becomes a member of the Executive Board. He was previously managing director of KONE Netherlands. In order to generate maximum synergy benefits in the service sector, Michel Chartron, who continues to be heading Building Door Service Business, will report to De Neef. De Neef will be located in Espoo, Finland.
In order to speed up the growth in sales of large projects, the Major Projects Unit will be strengthened, and William Orchard will be responsible for this unit. Orchard was previously heading the Elevator and Escalator Service Business. He continues as a member of the Executive Board and will be located in Shanghai, China.
Klaus Cawén (M&A and Strategic Alliances, Legal Affairs), Aimo Rajahalme (Finance and Information Services), and Kerttu Tuomas (Human Resources) continue in their current roles and as members of the Executive Board. They are located in Espoo, Finland.
All members of the Executive Board, as well as Minna Mars (Corporate Communications and Investor Relations) and Thomas Rönnholm (Marketing), report to KONE president Matti Alahuhta.
Sender:
KONE Corporation
Kerttu Tuomas
Executive Vice President, Human Resources
Minna Mars
Senior Vice President, Corporate Communications & IR
For further information, please contact:
Kerttu Tuomas, Executive Vice President, Human Resources, tel. +358 (0)400 626 825
www.konecorp.com