Inside information: Massimo Reynaudo appointed President and CEO of UPM-Kymmene Corporation as of 1 January 2024
24 Octubre 2023 - 2:30AM
Inside information: Massimo Reynaudo appointed President and CEO of
UPM-Kymmene Corporation as of 1 January 2024
UPM-Kymmene
Corporation Stock
Exchange Release (Inside
information) 24
October 2023 at 10:30 EEST
Inside information: Massimo Reynaudo appointed President
and CEO of UPM-Kymmene Corporation as of 1 January
2024
Massimo Reynaudo has been appointed President and CEO of
UPM-Kymmene Corporation as of 1 January 2024. Jussi Pesonen will
continue as the President and CEO until 31 December 2023, after
which he will work as an advisor to the Company and its management
until he will retire from UPM on 30 April, 2024.
Massimo Reynaudo has been with UPM since 2017. Reynaudo is an
Italian citizen and was born in 1969. He is currently Executive
Vice President, UPM Communication Papers. Prior to that, he served
as Senior Vice President of UPM Raflatac from 2017 to 2021. Earlier
in his career, between 1995 and 2017, he held several senior
positions at Kimberly-Clark Corporation. He has a master’s degree
in engineering from Politecnico di Torino and additional studies in
business administration and management.
“Massimo has an excellent international background and a very
solid track record at UPM as an engaging change leader. Both in UPM
Raflatac and in UPM Communication Papers, he has driven positive
change of the businesses, renewed the commercial strategy and built
high-performing teams to improve the performance of each business.
He has a clear vision of how to continue value creation through
UPM’s Biofore strategy. I wish Massimo the best of success in his
new demanding role,“ says Henrik Ehrnrooth, Chair
of the Board of UPM.
“I am deeply honoured by the appointment. UPM has a good
operating model and very committed employees. Together we will
continue to implement our strategy and create a future beyond
fossils," says Massimo Reynaudo.
Jussi Pesonen will retire from UPM after 37 years of service.
“On behalf of the Board of Directors I would like to thank Jussi
wholeheartedly for his contribution to the success of the company,”
says Henrik Ehrnrooth.
“Jussi has had a long and successful tenure as the President and
CEO, almost 20 years. He took over a traditional, Finland-focused
printing paper company and transformed it to an innovative,
renewable materials company with international growth. As Massimo
now takes over the leadership of the company, it has a competitive
and agile operating model, effective capital allocation principles,
strong leadership culture, and a proven leadership position in
sustainability. I’m sure these will support the continued success
of the company,” Henrik Ehrnrooth continues.
“Jussi’s achievements have been remarkable. During his twenty
years of service as the President and CEO, the average annual total
shareholder return has been 9%. In the past 10 years it has been
16%. This is a fantastic return for UPM’s shareholders.”
Jussi Pesonen leaves the company expressing his sincere
gratitude and warm wishes for the future. “I do not have words to
express my deep gratitude to all UPMers. Together, we have come a
long way and reinvented UPM to the benefit of all our stakeholders.
I am extremely proud of all that we have achieved during the last
twenty years,” says Jussi Pesonen.
“I am very confident that UPM has a great future ahead under the
excellent leadership of the Board and Massimo Reynaudo. I also wish
to thank wholeheartedly the former Chairman Björn Wahlroos and all
my Executive Team members. Success would not have been possible
without the constant support from my closest ones, my family, to
whom I am immensely grateful.”
“Regarding the future, I will continue to be an active business
influencer following my twenty-year motto 'From promise to
performance and profits',” concludes Pesonen.
With Massimo Reynaudo taking over as the President and CEO, UPM
will initiate the process for selecting Executive Vice President,
Communication Papers.
Henrik Ehrnrooth, Jussi Pesonen and Massimo Reynaudo will be
today available for the media at UPM’s press conference at the
Biofore House at 14.45 o’clock. Those wishing to attend the event,
please contact UPM Media Desk for accreditation, tel. +358 40 588
3284.
For further information please contact:Henrik
Ehrnrooth, Chair of the Board, contacts through UPM Media Desk,
tel. +358 40 588 3284
UPM-Kymmene CorporationPirkko HarrelaExecutive Vice President,
Stakeholder Relations
UPM, Media RelationsMon-Fri 9:00–16:00 EETtel.
+358 40 588 3284media@upm.com
FOR THE MEDIAPictures of Massimo Reynaudo are
available at UPM’s Image Bank.
UPMWe deliver renewable and responsible
solutions and innovate for a future beyond fossils across six
business areas: UPM Fibres, UPM Energy, UPM Raflatac, UPM Specialty
Papers, UPM Communication Papers and UPM Plywood. As the industry
leader in responsibility, we are committed to the UN Business
Ambition for 1.5°C and the science-based targets to mitigate
climate change. We employ 17,200 people worldwide and our annual
sales are approximately EUR 11.7 billion. Our shares are listed on
Nasdaq Helsinki Ltd. UPM Biofore – Beyond
fossils. www.upm.com
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