Finnish fiber manufacturer Spinnova Plc has launched a program to ensure the CEO’s long-term commitment to the company. This will be done by rewarding the CEO with shares for his leadership work and possible private participation, according to a Spinnova press release.
The goal of the program is to “align the goals of the CEO and shareholders to increase the long-term value of the company,” writes Spinnova. In addition, Spinnova wants to tie the CEO closer to the company, not only as a director, but also as a shareholder.
The program is initially one-off and runs from the financial year 2023 to 2026. During this period, the CEO can receive Spinnova shares as a reward for his work in the company and as a private shareholder. For every share the CEO purchases under the program, he can receive two similar shares for free.
The current CEO of Spinnova Plc is Kim Poulsen. He took over the position on August 1, 2022 from Janne Poranen, who had been CEO since 2014.
This translated article first appeared on FashionUnited.nl.