Appointed by the Board of Directors, the company's CEO is in charge of Digia's day-to-day management and administration in accordance with the instructions and regulations issued by the Board of Directors, and as defined by the Finnish Companies Act. The Managing Director may take exceptional and far-reaching measures, in view of the nature and scope of the company's activities, only if authorised by the Board of Directors. S(he) is not a member of the Board of Directors, but attends Board meetings.
The CEO's service contract defines in writing the key terms and conditions which govern his/her employment and which are approved by the Board of Directors. The Board of Directors decides the CEO's salary, other remuneration, stock options and other benefits. His/her compensation package is tied to the Group's financial results, and the performance-based bonus payable to him/her is settled as company shares, cash, or a combination of the two, as decided by the Board of Directors.
The company may terminate the CEO's service contract at six months' notice. Upon such termination, (s)he will receive remuneration for the notice period and severance pay equaling 12 months' salary. The CEO's retirement age is as stipulated by the law, and he has no separate pension agreement with the company.
Juha Varelius has been Digia Plc's President and CEO since 1 January 2008.