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YIT's Board of Directors has appointed Markku Moilanen as President and CEO of YIT Corporation. He has started in the position on 1 April 2021.
YIT Group’s Management Team is the highest operational decision-making body and is responsible for allocating resources to the business segments. The Group Management Team is also responsible for assessing the performance of the business segments.
Markku Moilanen
President and CEO
Markku Moilanen
President and CEO
Born 1961
D.Sc. (Tech.) Industrial Engineering and Management
Primary work experience
Ramboll Group: Group Executive Director and Chief Operating Officer, Nordics, UK and Americas, 2015–2021
Ramboll Finland: Managing Director 2007–2015
Fortum Corporation: Vice President, Customer Services 2001–2007
Positions of trust
EQT Partners, Industrial Advisor 2019–
Ilkka Salonen
CFO, Deputy to President and CEO
Ilkka Salonen
CFO
Deputy to President and CEO
Born 1965
M.Sc. (Econ.)
Primary work experience
Lemminkäinen Corporation: CFO 2014–
Forest BtL, Director and Advisor to the Board of Directors 2013
Neste Oil, CFO 2009–2012
Pohjola Bank, CFO 2006–2008
Pohjola Group Oyj, CFO 2003–2005
Comptel Oyj, CFO & Deputy CEO 2001–2003; Corporate Planning Director, EVP 2000–2001
Handelsbanken, Analyst 1997–2000
Postipankki, Analyst 1994–1997
Positions of trust
Metsäliitto Cooperative, Member of the –Board of Directors and Chairman of the Board's Audit Committee 2018–
East Office, Deputy member of the Board 2020–
Tom Ekman
EVP, Business Premises segment
EVP, Business Premises segment
Born 1972, M.Sc. (Tech.)
In the Group's employ 2018–
Primary work experience
YIT Corporation: EVP, Business Premises segment, 2020–
YIT Finland Ltd: Head of Division, Building construction, Northern Finland 2018–2020
Lemminkäinen Talo Oy: Director, rest of Finland 2014–2018; Director, Western Finland, 2013–2014; Director, Contracting and production, 2012
Lemminkäinen Talo Oy Länsi-Suomi: Managing Director 2010–2011
Oy Konte Ab: Managing Director, 2009–2010; Technical Director, 2005–2008; Planning Manager, 2000–2005
Positions of Trust
-
Teemu Helppolainen
EVP, Housing Russia segment
EVP, Housing Russia segment
Born 1962, M.Sc. (Econ.)
In the Group's employ 2008–
Primary work experience
YIT Corporation: Head of the Housing Russia, 2015–
Head of business area Russia, 2014, International Construction Services, Senior Vice President, Moscow and Russian Regions, 2009–2014, Senior Vice President, Moscow Region, 2008–2009
Raisio Nutrition Ltd: Director, Russian and Ukrainian operations 2005–2008
Positions of trust
East Office, Member of the Board 2020–
Antti Inkilä
Interim EVP, Infrastructure segment
Interim EVP, Infrastructure segment
Born 1969, M.Sc. (Tech.)
In the Group's employ 1994–2001 and 2002–
Primary work experience
YIT Corporation: Interim President and CEO, 2020–2021; Head of the Housing Finland and CEE segment, 2015–
YIT Construction Ltd: The Head of the Apartment Houses Metropolitan Area unit, 2008–2014
The Head of Business Unit, Asuintalot Uusimaa, 2008
The Chief of Developer Contracting, Apartment Houses Metropolitan Area, 2006–2008
Production Manager, Apartment Houses Metropolitan Area, 2002–2006, Worked for YIT Construction Ltd since 1994
Positions of trust
Confederation of Finnish Construction Industries RT House Construction, Member of election Board
Marko Oinas
Interim EVP, Housing Finland and CEE segment
Interim EVP, Housing Finland and CEE segment
Born 1971, M.Sc. (Civil engineering)
Primary work experience
YIT Corporation: Vice President, Strategy & Development, Housing Finland and CEE segment, 2018–
YIT Corporation: Senior Vice President, Business Development, Housing Finland and CEE segment, 2014–2016
YIT Construction Ltd: VP, YIT Plus and Housing Concepts, 2014-2016; VP, B2B Tenant Sales and customerships, 2013-2014; VP, Leisure Housing & Concepts, 2005-2013; Worked for the YIT in various positions between 1990-2005
Positions of trust
-
Juha Kostiainen
EVP, Urban Development
EVP, Urban development
Born 1965, M.Sc. (Tech), D.Sc. (Adm.)
Adjunct professor of strategic urban development at the University of Tampere
In the Group's employ since 2012 and 2001-2008
Primary work experience
YIT Corporation: Senior Vice President, Urban Development 2016–; Senior Vice President, Urban Development and Corporate Relations 2012–2016
Finnish Innovation Fund Sitra: Director responsible for communications and public affairs 2012; Programme Director, 2009–2011; Business Director, 2009.
YIT Corporation: Senior Vice President, Corporate Communications and Business Development, 2007-2008; Vice President, Business Development 2005–2007; Vice President, Corporate Planning 2003–2005.
YIT Construction Ltd: Development Manager, 2001–2003.
City of Tampere: Business Sector Manager, 1997–2001.
Positions of trust
European International Contractors, Member of Board 2013–
Regenero Oy, Chairman of Board, 2016–
Tyrsky Consulting Oy, Member of Board, 2015–
Academy of Finland, New energy -programme , Member of Management Board 2014-
Timo Lehmus
Interim EVP, Partnership properties segment
Interim EVP, Partnership properties segment
born 1959, M.Sc. (Civil engineering), EMBA
Primary work experience
YIT Corporation: SVP, Development, Partnership properties segment 2020–
YIT Corporation: SVP, Project development, Business premises, 2018–2020
YIT Oyj: interim SVP, Business premises and Infra services segment, 2017-2018
YIT Construction Ltd: SVP, Head of division of own based development, Business Premises, 2014-2018
YIT Construction Ltd: SVP, Business Premises, 2008-2014
YIT Construction Ltd: SVP, Head of International construction, 2005-2007
Worked for the YIT in various positions between 1989-2005
Positions of trust
-
Juhani Nummi
EVP, Operations development
EVP, Operations development
born 1967, M.Sc. (Eng.)
In the Group's employ 1998–2001 and 2003–
Primary work experience
YIT Corporation: Senior Vice President, Business Development 2013–2018
YIT Construction Ltd: Senior Vice President, Business Development, Construction Services Finland, 2006–, Development Manager, 2003–2006.
Proha Oyj / Artemis Finland Oy: Product Manager, 2001–2003.
Positions of trust
-
Pii Raulo
EVP, Human Resources
EVP, Human Resources
Born 1967, M.Sc. (Econ.)
In the Group's employ 2004-
Primary work experience
YIT Corporation, Senior Vice President, Human Resources, 2011–
YIT Construction Services Finland, HR Director 2004–2011
McKinsey & Company, Manager of Administration 1997–2004
Positions of trust
-
The Board of Directors decides on the remuneration, benefits and other terms of the service contract of the YIT Group President and CEO. Same remuneration components form the total remuneration also for Deputy to President and CEO.
The terms of the President and CEO's service shall be specified in writing in the President and CEO's service contract, which shall be approved by the Board of Directors. The President and CEO's service contract shall also specify the financial benefits of the service, including the President and CEO's severance package and any other compensation.
Read more about President and CEO's remuneration in the Remuneration Report 2020
Remuneration of Group Management Team members consists of fixed salary, fringe benefits such as car, phone and meal benefit, annual short-term bonus payment and long-term plans such as long-term incentive plan and pension benefits.
YIT Corporation’s Annual General Meeting decides on the fees for the Board of Directors. The Board of Directors decides on the salary and fees and other terms of employment of the CEO and other key Group employees, such as the members of the Group’s Management Team. In addition, the Board of Directors decides annually both short and long-term indicators for management remuneration and the target values for the indicators which are designed to support the achievement of the strategic goals. On the basis of the President and CEO’s proposal, the Board of Directors also decides on the amount of fees and whether the indicator-based goals have been reached.
The task of the Personnel Committee is to assist the Board in matters related to appointing and rewarding key personnel. The Personnel Committee prepares proposals for the development of the Group's corporate culture and HR policy, remuneration and incentive schemes, the rules for performance-based bonuses and the proposals for performance-based bonuses paid to the management. In addition, identifying talents, the development of key personnel and planning for management successors fall under the preparation responsibility of the Committee.
2020 | 2019 | 2018 | |
Remuneration (EUR) | Group Management Team (others than CEO) |
Group Management Team (others than CEO) |
Group Management Team (others than CEO) |
Annual Salary (incl. holiday bonus pay) | 2 379 591 | 2 382 354 | 2 320 816 |
Benefits | 103 543 | 208 649 | 122 751 |
Final salary and severance payments | 255 831 | 0 | 0 |
Annual Short-term Incentives | 473 189 | 552 033 | 205 385 |
Long-term Incentives * | 579 258 | 296 095 | 497 810 |
Supplementary pension | 472 256 | 443 568 | 157 724 |
Total compensation | 4 263 667 | 3 882 699 | 3 304 486 |
* Awards earned from YIT LTIP 2017-2019 scheme’s 2017 earning period were paid 8 May 2020. Awards earned from Lemminkäinen 2016-2018 scheme’s 2016 earning period were paid 10 September 2020.
2020 | 2019 | 2018 | |
KPI | Weight | Weight | Weight |
Adjusted operating profit | 35% | 40% | 30-40% |
Operative Cash Flow | 25% | 40% | 20-35% |
Work Safety | 15% | 10% | 5% |
Customer Satisfaction | 10% | 10% | 0-10% |
Strategic objectives | 15% | - | 20-30% |
Group Adjusted Operating Profit as trigger | |||
Total | 100% | 100% | 100% |
Group Management Team`s pension scheme is defined contribution-based and the amount of the payment is 20 per cent of the fixed annual base salary. Group Management Team members are entitled to retire at the age of 63. The supplementary pension arrangements do not apply for interim members of the Group Management Team.
The period of notice for the members of the Group Management Team is 6–12 months. Some members of the Group Management Team also have the contractual right to be paid severance payments amounting to six months’ salary if the company terminates their contract.
The basis of remuneration is a fixed salary, in addition to which most of the Group’s salaried employees are included in a short-term performance-based bonus scheme. The Board of Directors confirms the criteria for the payment of performance-based bonuses annually. The bonuses paid are determined on the basis of the realization of personal objectives, the Group’s financial result, and the attainment of profitability, growth and development related objectives. Performance and development discussions are an essential part of the management by key results system. In these discussions, employees and their superiors agree on the key objectives and their relative weighting and review the fulfilment of the previously agreed objectives. The achievement of key objectives is monitored regularly by the Group Management Team. The key principles and objectives for the result period influencing the personal performance-based bonuses are specified at the business division and unit level
For Group Management Team members, other than President and CEO, the maximum annual performance-based bonus paid equals 50 per cent of their annual remuneration (salary and fringe benefits). The bonus payments made in 2020 were earned in 2019 based on operating profit, cash flow, work safety and customer satisfaction related objectives. From year 2020, there will be no performance-based bonus made.
As part of the measures to mitigate the impacts of the economic slowdown to the company, the members of the Group management team unanimously decided to reduce their annual salary by the half month salary or equivalent to it.
YIT has long-term incentive plans (abbreviated LTIP) in use to drive strategic transformation, long-term financial performance and retain key persons.
In 2020 – 2022 incentive scheme, there is one three year earning period aligning with calendar years 2020 – 2022. Any bonus will be determined on the basis of the indicators decided by YIT’s Board of Directors for the earning period and their target levels. Return on investment is the key indicator in the scheme (2020 – 2022: ROCE). In addition, there are targets related to return to shareholder (TSR) and Group’s net promoter score (NPS). Plan participants may earn a maximum of 2,100,00 gross shares from 2020 – 2022 earning period. President and CEO may earn a maximum of 128,000 gross shares, Deputy to the President and CEO and the other members of the Group Management Team may earn a maximum of 64,000 gross shares. The shares to be granted are already held by YIT as a rule. After the earning period the net shares are transferred to key persons still employed by YIT Group. YIT’s Board of Directors may decide to provide key employees with a monetary amount corresponding to the market price of the shares determined on the basis of the time of the transfer instead of the shares themselves. Under all circumstances, the Board has the right to amend the plan terms.
The earnings periods of the 2017 – 2019 incentive scheme are the calendar years 2017, 2018 and 2019. Any bonus will be determined on the basis of the indicators decided annually by YIT’s Board of Directors for each earnings period and their target levels. Return on investment is the key indicator in the scheme (2017: ROI, 2018: ROCE. 2019: ROCE). An additional target related to the Group’s net promoter score (NPS) was set for 2017, 2018 and 2019. A maximum of 700,000 shares from year 2017 and maximum of 1,150,000 shares from years 2018 and 2019 can be distributed annually. In 2019, a maximum of 45,000 shares can be distributed to the President and CEO and a maximum of 20,000 shares to the Deputy to the President and CEO and the other members of the Group Management Team. The shares to be granted are already held by YIT as a rule. There is a two-year commitment period associated with each earnings period, after which the shares are transferred to key persons still employed by YIT Group. The employer will cover the taxes and tax-like fees charged to the key employees covered by the scheme in connection with the handing over of the shares. YIT’s Board of Directors may decide to provide key employees with a monetary amount corresponding to the market price of the shares determined on the basis of the time of the transfer instead of the shares themselves. Under all circumstances, the Board has the right to amend the plan terms.
Those members of YIT’s Group Management Team who transferred from Lemminkäinen Corporation in connection with the merger on February 1, 2018, and who were previously covered by Lemminkäinen Group’s share-based incentive scheme, were paid share rewards for the 2016 earnings period. At the end of 2015, Lemminkäinen Corporation’s Board of Directors decided to introduce a new share-based incentive scheme for key personnel. The incentive scheme consisted of three earnings periods: the calendar years 2016, 2017 and 2018. At the beginning of each earnings period, the company’s Board of Directors decided on the scheme’s earning criteria, the targets set for them, the number of shares to be allocated and the participants. The potential reward for each earnings period is paid in four instalments, each of them corresponding to 25 per cent of the total reward. The payments are made during the four years following the earnings period. If a participant’s employment or service contract ends during the earnings or payment period, they will not, as a rule, be entitled to any unpaid rewards. The reward is paid as a combination of shares and cash. The aim is that the cash portion will cover any taxes and tax-related costs arising from the reward. In 2016, the maximum share reward for the members of the Group Management Team was 12,500 gross shares. No shares have been earned from earning periods 2017 and 2018.