Konecranes chairman demotes himself after fraud allegations

Konecranes has announced that the current chairman of its board Stig Gustavson will become its vice-chairman.

In a statement, Konecranes said that the change was Gustavson’s decision and was “due to his age”.

The decision comes five days after Konecranes announced that Gustavson was facing aggravated subsidy fraud charges (in relation to his alleged conduct in a previous position) and three days after the company proclaimed its “continued confidence” in Gustavson” and his “ability to act as the chairman of the board of directors”.