Gustafsson resigns as Cramo President and CEO

Leif Gustafsson has resigned as President and CEO of Finland-based rental company Cramo, which was recently acquired by Boels Rental.

Martin Holmgren, currently the Senior Vice President of Fleet Management, will take his place with immediate effect.

Gustafsson, who has been President and CEO since the start of 2016, said, “It has been a privilege to lead this organisation. Now that Cramo is starting its next chapter as a part of the Boels organisation, the announced change of ownership feels like a natural moment for me to leave the company.

“I would like to express my gratitude to all Cramo employees for their great efforts, which have been the foundation of our many successes. I look forward to seeing the Boels and Cramo combination become a true European leader.”

Gustafsson has agreed to remain in the company until the beginning of August of this year to ensure a smooth handover.

Pierre Boels, President and CEO of Boels-Cramo Group, said, “I am grateful for Leif’s contribution in creating a combined Boels-Cramo organisation. I do, however, understand his decision to step down to pursue other opportunities. I thank him for his professionalism in developing Cramo.”

In due course, the new Boels-Cramo organisation will be divided into two main business areas – Central Europe and Northern Europe. Central Europe will operate under the Boels brand and be headed by Pierre Boels. Northern Europe will continue operating under the Cramo brand and be headed by Martin Holmgren.

Boels said, “Looking ahead, we will continue to build on the momentum we have created in our integration process and also on our goals to deliver value and service to our customers. I am confident in Martin’s ability to lead the Northern European organisation. His deep industry experience is highly valuable in today’s markets.”

Holmgren joined Cramo in 2003 and has served on the Cramo executive team since 2009. He has helped lead and execute many of the company’s investments and strategy shifts.

Holmgren said, “I look forward to leading this next chapter in Cramo’s history and to accelerate the innovation and execution that the market and our customers need from us.

“As the industry evolves through restructuring and consolidation, I believe we are in a strong position to become the productivity partner of our customers.”

At the same time, Cramo’s Chief Financial Officer (CFO) Aku Rumpunen and Senior Vice President of Mergers and Acquisitions and Corporate Development Mika Kouhi are to leave the company.

Rumpunen has been the CFO of Cramo Group since 2016 and has been a part of the Group Management Team since his previous position as Senior Vice President of Group Business Control in 2013.

Although he has chosen to leave the company, he will stay until the beginning of August to secure the financial integration with Boels Rental and facilitate the delisting of Cramo shares from Nasdaq Helsinki.

Ville Halttunen will become the new CFO and a member of the Cramo Group Management team as of today. He has worked at Cramo since 2008, and recently been responsible for the Business Control function.

Meanwhile, Kouhi has been a part of Cramo since 2013 and a member of the Group Management team since 2018. He has also decided to leave the company of his own accord but will stay on until mid-April to help lay the foundation for the integration process with Boels Rental.