FLSmidth appoints Mikko Keto as new Group CEO

Thomas Schulz, FLSmidth’s Group CEO, has made the decision to take a role outside of the company, and will therefore step down as FLSmidth’s CEO by the end of 2021. Mikko Keto, who joined FLSmidth in January 2021 as President of FLSmidth’s Mining business and member of Group Executive Management, has been appointed incoming CEO by FLSmidth’s Board of Directors, effective 1 January 2022.

Since joining FLSmidth in 2013, Thomas Schulz has transformed the company from a predominately capital project organisation to an organisation with more focus on service and aftermarket, and with a much stronger local presence and closer proximity to customers. Under Thomas Schulz’ leadership, the company has invested heavily in digital offerings and competences, as well as launched the industry leading sustainability ambition, MissionZero, which aims to deliver zero emission technology for cement and mining by 2030. MissionZero has won global recognition and demonstrated FLSmidth’s strong leadership within sustainability. Thomas Schulz will continue as CEO through year end to ensure a well-planned handover and a seamless transition of the company’s affairs and operations to Mikko Keto.

As incoming CEO, one of his key priorities will be to ensure FLSmidth delivers on the announced cement reshaping and repositioning plan, bringing FLSmidth’s cement business back to profitability and ensuring the organisation is ready to capture the current and future market for green cement. As previously announced, the company’s cement organisation will in the future run more as a stand-alone entity within FLSmidth which will deliver benefits from group synergies.

As the revenue split following the thyssenkrupp integration will be approximately 75% mining and 25% cement, the Group CEO is also the Mining President going forward, and hence, no recruitment for a new Mining President is needed.

Mikko Keto joined FLSmidth in January 2021 as President, Mining Industry from Metso where he was President, Minerals Services and Pumps. His prior roles for Metso include Senior Vice President, Spare Parts; Senior Vice President of Performance Services business line; President of Automation Services; and Vice President of Flow Control Services. He also served as a member of the company’s Executive Team. Earlier in his career, Keto was Head of Sales for the Maintenance business unit at Kone Corporation, and held senior management and sales positions at Nokia Networks. He holds an MSc in Economics from the Helsinki School of Economics.


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