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Composition of YIT Group's management team below.
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.
Heikki Vuorenmaa
President and CEO
Heikki Vuorenmaa
President and CEO
Born 1981
M.Sc. (Econ.)
Primary work experience
McKinsey & Company: SVP, Associate Partner, transformation 2021–2022
Peab: Head of integration, Business Area Industry, 2020
YIT Corporation/Lemminkäinen Corporation: EVP, Paving 2017–2020
Lemminkäinen Corporation: SVP, Head of Procurement 2015–2017
Nokia Corporation: various internal positions in Operations 2008–2015
Positions of trust
Ilmarinen Mutual Pension Insurance Company, Member of the Supervisory Board 2023–
Tuomas Mäkipeska
CFO
Tuomas Mäkipeska
CFO
Born 1978
M.Sc. (Econ.)
Employed by the Group since 2021
Primary work experience
Lassila&Tikanoja Plc: Senior Vice President, Facility Services Segment 2019–2021; Interim President and CEO 2018; Group CFO 2017–2019; Vice President, Renewable Energy Sources Segment 2015–2017; Business Development Director 2012–2017
Deloitte: Management Consultant 2005–2012
Fiskars Oyj: Project Manager 2004–2005
Rieter Automotive Management AG: Market Analyst 2003
Positions of trust
Elo Mutual Pension Insurance Company, Member of the Supervisory Board 2022–
Tanja Kauhajärvi
Interim EVP, Human Resources
Tanja Kauhajärvi
Interim EVP, Human Resources
Born 1975
Master of Laws
Employed by the Group since 2004
Primary work experience
YIT Corporation: VP, Employment Relations and HR Services 2019–; Director, various HR positions 2014–2018; HR manager 2004–2014
Rochier Attorneys Ltd.: Lawyer, 2001–2004
Positions of trust
The Confederation of Finnish Construction Industries RT, Member of the Labour Market Committee
INFRA – Infra Contractors Association in Finland, Member of the Labour Market Committee
Tom Ekman
EVP, Business Premises segment
EVP, Business Premises segment
Born 1972, M.Sc. (Tech.)
Employed by the Group since 1998
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
LocalTapiola, Member of the Supervisory Board
Antti Inkilä
EVP, Housing, Deputy to President and CEO
EVP, Housing segment, Deputy to President and CEO
Born 1969, M.Sc. (Tech.)
Employed by the Group from 1994 to 2001 and since 2002
Primary work experience
YIT Corporation: Head of the Housing segment, 2015–; Interim Head of the Infra segment 2021; Interim President and CEO, 2020–2021;
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, Member of the Representative Board
Juha Kostiainen
EVP, Urban Development & ESG
EVP, Urban development & ESG
Born 1965, M.Sc. (Tech), D.Sc. (Adm.)
Adjunct professor of strategic urban development at the University of Tampere
Honorary doctorate of technology, Aalto University (2022)
Employed by the Group from 2001 to 2008 and since 2012
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
Mall of Tripla, Member of Board, 2023–
Tyrsky Consulting Oy, Member of Board, 2015–
European International Contractors, Member of Board 2013–
Aleksi Laine
Interim EVP, Infrastructure segment
Aleksi Laine
Interim EVP, Infrastructure segment
Born 1981, M.Sc. (Construction Management)
Employed by the Group since 2007
Primary work experience
YIT Finland Ltd: SVP, Traffic Infrastructure, 2020–; Head of division, Rock and special engineering 2018–2020
Lemminkäinen Infra Ltd: Director Civil Works, 2017–2018; Construction Manager, 2016–2017; Project Manager 2010–2016
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 Board of Directors decided of a new long-term incentive plan in 2019. The first three-year earning period was decided for years 2020-2022. The possible rewards from this period are paid in 2023. The next three-year earning periods have been decided for years 2021-2023, 2022-2024 and 2023-2025 and the possible rewards are paid in 2024, 2025 and 2026 respectively.
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.
According to the CEO's contract, the current CEO has a notice period of 6 months. If the company terminates the contract, the CEO is entitled to severance pay equivalent to 6 months' salary.
Read more about President and CEO's remuneration in the Remuneration Report 2022
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.
2022 | 2021 | 2020 | 2019 | 2018 | |
Remuneration (EUR) | Group Management Team (others than CEO |
Group Management Team (others than CEO) |
Group Management Team (others than CEO) |
Group Management Team (others than CEO) |
Group Management Team (others than CEO) |
Annual Salary (incl. holiday bonus pay) | 3 166 712 | 2 722 065 | 2 379 591 | 2 382 354 | 2 320 816 |
Benefits | 66 437 | 114 858 | 103 543 | 208 649 | 122 751 |
Final salary and severance payments | 0 | 555 490 | 255 831 | 0 | 0 |
Annual Short-term Incentives | 281 731 | 0 | 473 189 | 552 033 | 205 385 |
Long-term Incentives * | 683 892 | 161 109 | 579 258 | 296 095 | 497 810 |
Supplementary pension | 500 983 | 444 259 | 472 256 | 443 568 | 157 724 |
Total compensation | 4 699 755 | 3 997 781 | 4 263 667 | 3 882 699 | 3 304 486 |
* Rewards earned from YIT LTIP 2017-2019 program’s 2019 earning period were paid 5 May 2022.
2022 | 2021 | 2020 | 2019 | 2018 | |
KPI | Weight | Weight | Weight | Weight | Weight |
Adjusted operating profit | 70% | 40% | 35% | 40% | 30-40% |
Operative Cash Flow | 20% | 30% | 25% | 40% | 20-35% |
Work Safety | 5% | 10% | 15% | 10% | 5% |
Customer Satisfaction | 5% | 10% | 10% | 10% | 0-10% |
Strategic objectives | - | 10% | 15% | - | 20-30% |
Group Adjusted Operating Profit as trigger | |||||
Total | 100% | 100% | 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 2022 were earned in 2021 and based on operating profit, cash flow or capital employed, work safety and customer satisfaction related metrics and strategic goals.