FLSmidth appoints Mikko Keto as new group CEO


Company announcement 16-2021, COPENHAGEN, DENMARK

Thomas Schulz, CEO of FLSmidth Group, has made the decision to take a position outside the company and will therefore step down as CEO of FLSmidth by the end of 2021. Mikko Keto, who joined FLSmidth in January 2021 as as chairman of the mining activity and member of FLSmidth of the group’s general management, was appointed incoming CEO by the board of directors of FLSmidth, effective January 1, 2022.

Vagn Sørensen, President, said: “I am delighted that we are able to recruit internally for such a vital position, which will ensure the continued solid progress that FLSmidth demonstrates. Since joining FLSmidth, Mikko has set a clear direction for our mining business and oversees the integration planning for the thyssenkrupp * acquisition. There is significant growth potential in the mining industry, and Mikko’s experience, including his leadership skills, in-depth knowledge of the industry, and a proven track record of driving business initiatives that generate profitability. , will be a competitive advantage for FLSmidth. I have great confidence in his ability to deliver a very successful and profitable FLSmidth in the future and to unleash the full potential of MissionZero.

Since joining FLSmidth in 2013, Thomas Schulz has transformed the company from an organization primarily focused on investment projects to one more service and aftermarket oriented, with a much stronger local presence and closer proximity to customers. Under the leadership of Thomas Schulz, the company has invested heavily in digital offerings and skills, and launched the industry-leading sustainability ambition, MissionZero, which aims to deliver zero-emission technology for cement and mining by 2030. MissionZero has gained worldwide recognition and demonstrated FLSmidth’s strong leadership in sustainability. Thomas will continue as CEO until the end of the year to ensure a well-planned transfer and seamless transition of business and company operations to Mikko Keto.

Thomas Schulz says: “After more than eight years at the helm of FLSmidth, including many years navigating protracted mining downturns and more recently the global pandemic, I am proud to see all that we have accomplished together and excited by what’s in store for FLSmidth. Our strategy of delivering fully digitized sustainability offerings and expanding our service and parts business has put us in a strong position to pursue opportunities for profitability and growth in mining and cement. Today, we are on the verge of finalizing the acquisition of the mining activities of thyssenkrupp, one of the largest acquisitions in the history of the company. This would not have been possible without the excellent contributions of our colleagues around the world. With so much solid work underway and with a highly skilled management team in place, now is the right time for me to seize a new opportunity. I think Mikko is a great choice to be our next CEO. I would also like to thank the President, Vagn Sørensen, and the Board of Directors for their support and fruitful collaboration over the years.

As the new CEO, one of his top priorities will be to ensure that FLSmidth meets the announced cement remodeling and repositioning plan, bringing FLSmidth’s Cement business back to profitability and ensuring that the he organization is ready to conquer the current and future green cement market. As previously announced, the Company’s Cement organization will function in the future more as an autonomous entity within FLSmidth, which will take advantage of the synergies of the group.

Since the income distribution following the integration of thyssenkrupp will be around 75% for mining and 25% for cement, the group CEO will also be the mining president in the future and, therefore, no recruitment for a new mining president is necessary. After the handover to the New Year, Thomas Schulz will remain at FLSmidth until the end of February 2022 to support all remaining transition actions.

Vagn Sørensen adds: “I would like to thank Thomas for his strong leadership, strategy execution and solid results. FLSmidth is today a much better company, more focused, closer to its customers and with a wider and much better service and spare parts offering. Edited by Thomas, FLSmidth launched MissionZero and was one of the first mining and cement companies to join the Science Based Targets initiative.

Mikko Keto is looking forward to taking on this new role, stating: “I am extremely honored and excited for the opportunity to lead the entire FLSmidth organization and to work closely with our talented colleagues around the world. Over the past few years, even in the face of great challenges, we have leveraged FLSmidth’s global footprint, business mix and operating model, we have more clearly defined ourselves as the leaders in digitalization and sustainability, and have set our sights on 2030 and beyond. My enthusiasm for cement and mining, boosting productivity, digitization and being part of the commercialization of MissionZero is what brought me to FLSmidth, and it is with great pride that I will advance our winning strategy. as the next CEO of the company.

About Mikko Keto

Mikko Keto joined FLSmidth in January 2021 as President of Metso Mining Industry where he was President of Mineral Services and Pumps. His previous roles for Metso include Senior Vice President, Parts; Senior Vice President of the Performance Services business line; president of automation services; and vice president of flow control services. He was also a member of the company’s management team. Earlier in his career, Keto was head of sales for the Maintenance business unit at KONE Corporation and held managerial and sales positions at Nokia Networks. He holds a master’s degree in economics from the Helsinki School of Economics.


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Rasmus Windfeld, +45 40 44 60 60, [email protected]

Investor Relations

Nicolai Mauritzen, +45 30 93 18 51, [email protected]

FLSmith provides sustainable productivity to the global mining and cement industries. We provide industry-leading engineering, equipment and service solutions that enable our customers to improve performance, reduce costs and reduce their environmental impact. Our operations span the globe and we have nearly 10,700 employees, present in more than 60 countries. In 2020, FLSmidth generated a turnover of DKK 16.4 billion. MissionZero is our sustainable development ambition towards zero emissions in mining and cement by 2030. FLSmidth works within the framework of fully validated scientific objectives, our commitment to keep global warming below 1.5 ° C and become carbon neutral in our own operations by 2030.

  • Mikko Keto

  • Announcement FLSmidth Company 16 2021

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