Jussi Pesonen appointed as UPM's President and CEO

UPM announced today the appointment of Jussi Pesonen as President and CEO of the company. Mr Pesonen has been the Senior Executive Vice President and COO of the company since 2001 and will take up his new appointment immediately. He is succeeding Juha Niemelä whose resignation from the position of President and CEO was today accepted by the Board. Mr Niemelä also announced that he will resign from the Board of Directors.

Today's appointment is the result of the succession and reorganization plan approved by the Board in December.

Jussi Pesonen joined United Paper Mills in 1987 and during his time with UPM, he has worked at its major mills at Jämsänkoski, Kajaani, Kaukas and Shotton and as Vice President of the Newsprint Product Group within the Publication Papers Division. Mr Pesonen has considerable experience in the industry and is also a member of the boards of the Association of European Publication Paper Producers (Cepiprint) and the Finnish Forest Industries Federation. He is 43 years old and has a Master of Science degree in engineering from the University of Oulu, Finland.

"The appointment of Jussi Pesonen will take UPM-Kymmene into the next stage of its development. He knows the company and its markets and is supported by a strong executive team with broad experience. The strategy and future direction of the Group is established, and we look forward to Jussi implementing that strategy with his team. Juha Niemelä has been the President and CEO of the company since 1996 when UPM and Kymmene merged. Under his leadership the company has achieved a pre-eminent position as a global paper company, and all this in a very challenging environment. Also the acquisition of Haindl and UPM's entry into China were achieved under his leadership," says Vesa Vainio, Chairman of the UPM Board of Directors.

For additional information please contact:
Vesa Vainio, Chairman of the Board, UPM, tel.+358. 2 04 15 0588, available after 14:00 GMT
Jussi Pesonen, President and CEO, UPM, tel. +358 204 15 0582


UPM-Kymmene Corporation
Corporate Communications
January 29, 2004