Finnish fibre producer Spinnova Plc has launched a programme to sustain the CEO's long-term commitment to the company. This is done by rewarding the CEO with shares for his management work and possibly private shareholding, according to a Spinnova press release.
The goal of the programme is to “align CEO and shareholder goals to enhance the long-term value of the company,” Spinnova noted. In addition, Spinnova wants to connect the CEO more closely to the company in this way, not only as a director but also as a shareholder.
For now, the programme is one-off and runs from fiscal year 2023 through 2026. During that period, the CEO can receive Spinnova shares as a reward for his work at the company and for private ownership. For each share purchased by the CEO under the banner of the programme, the CEO may receive two similar shares for free.
The CEO of Spinnova Plc is currently Kim Poulsen. He took over the position on August 1, 2022, from Janne Poranen, who had been CEO since 2014.
This article originally appeared on FashionUnited.NL. Translation and edit by: Rachel Douglass.