Two new members proposed for UPM-Kymmene Corporation's Board of Directors

Archive 14.12.2007 0:00 EET

(UPM, Helsinki, December 14, 2007 at 15.15) – Based on the recommendation of the Nominating and Corporate Governance Committee UPM's Board of Directors proposes to the coming Annual General Meeting of Shareholders in the spring 2008 that the Board be composed of 10 members.

The Chairman of the Board, Mr Vesa Vainio, the Vice-Chairman, Mr Jorma Ollila and Ms Françoise Sampermans will not be available for re-election for the coming term.

Upon Nominating and Corporate Governance Committee's recommendation UPM Board of Directors proposes that the current members Mr Berndt Brunow, Mr Michael C. Bottenheim, Mr Karl Grotenfelt, Mr Georg Holzhey, Ms Wendy E. Lane, Mr Jussi Pesonen, Ms Ursula Ranin and Mr Veli-Matti Reinikkala be re-elected for a new one year term that will continue until the Annual General Meeting 2009. Additionally, the Committee proposes that Mr Matti Alahuhta and Mr Björn Wahlroos be elected as new Board members for the same term.

Below a short introduction to the proposed new members:

Mr Matti Alahuhta, b.1952, D.Sc.(Eng.)

Matti Alahuhta is President & CEO of KONE Corporation, one of the world’s leading elevator and escalator companies, since 2006. He is member of the Board of KONE Corporation since 2003. Prior to joining KONE Corporation as President in 2005, Mr Alahuhta served as Executive Vice President of Nokia Corporation 2004, as President of Nokia Mobile Phones 1998-2003, and as President of Nokia Telecommunications 1993-1998.

His current key positions of trust are Chairman of the Foundation Board of the International Institute for Management Development (IMD, Switzerland), Chairman of the Board for the Centennial Foundation of Technology Industries of Finland and Board Member of BT Group.

Mr Björn Wahlroos, b. 1952, Ph.D.(Econ.)

Björn Wahlroos is President and CEO of Sampo plc, a leading Finnish financial services group. He spent the early years of his career in academia in Finland and in the United States.

In 1985 Björn Wahlroos was appointed to the Board of Management of Union Bank of Finland and took over the responsibility for its equity investments. He became executive vice president and head of the bank’s investment banking and treasury operations in 1989. In 1992 he led a group of bankers from UBF in forming the investment banking partnership Mandatum & Co, which eventually became one of the leading advisors of mergers and acquisitions in Scandinavia and, after its takeover of Interbank in 1998, a significant provider of private banking and wealth management services as well.

Following the merger of Mandatum into the banking and insurance group Sampo-Leonia, Björn Wahlroos took over as its President and CEO in 2001. He has since headed the reorganization of that group into what today is Sampo plc., the largest insurance group in Scandinavia.