UPM combines Finance & Control and Corporate Strategy under one management; Tapio Korpeinen appointed CFO and Head of Corporate Strategy

(UPM, Helsinki, 31 March 2010 at 12:00) – UPM combines its Group level Finance and Control and Strategy under one management. At the same time the company strengthens the long term strategy development of its Business Groups by appointing senior level strategists into the Management Teams of its Paper as well as Energy and Pulp Business Groups.

The change supports UPM's transformation and enhances the business focus of strategy development.

The following appointments will take effect as of 1 May 2010:

Mr Tapio Korpeinen has been appointed Chief Financial Officer (CFO). He will also be responsible for Corporate Strategy. Korpeinen is currently the President of the Energy and Pulp Business Group and has previously been the Executive Vice President, Strategy. He continues to be a Member of the Group Executive Board and reports to Mr Jussi Pesonen, President and CEO.

Korpeinen will also be responsible for the strategic holding in the energy company Pohjolan Voima as well as UPM's Sourcing and Logistics, as well as Information Technology functions.

UPM's current CFO Mr Jyrki Salo will leave the company on his own initiative and by mutual agreement. "For four years Jyrki Salo has been an important contributor to UPM's extensive restructuring. He has introduced the global process thinking into the company and has been one of the key drivers of change in the company, for which I wish to express my sincere gratitude," says Jussi Pesonen.

Mr Heikki Vappula has been appointed President, Energy & Pulp Business Group and Member of the Group Executive Board reporting to the CEO. Vappula is responsible for UPM's Sourcing since 2006. Prior to that he held several business management positions in Nokia's different businesses.

Ms Anu Ahola has been appointed Senior Vice President, Strategy Development, Paper Business Group. She will report to Mr Jyrki Ovaska, President, Paper Business Group.

Mr Martin Björnström has been appointed Senior Vice President, Strategy Development, Energy and Pulp Business Group. He will report to Heikki Vappula, President, Energy and Pulp Business Group.

Mr Kari Ståhlberg has been appointed Senior Vice President, Corporate Strategy. He reports to Tapio Korpeinen.