HELSINKI (News release) -- 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.

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