The Board of Directors encourages the Group Executive Team members to have direct share ownership in the company. It is recommended that the President and CEO maintains a share ownership of UPM shares corresponding to two-year gross base salary and the other Group Executive Team members a share ownership corresponding to a one-year gross base salary. Until the share ownership recommendation is fulfilled, the President and the CEO and the other Group Executive Team members shall retain 50% of the net shares received under the Company’s long-term incentive plans.
Management ownership
At the end of 2023, the President and CEO and other members of the Group Executive Team owned a total of 1,367,043 UPM shares, corresponding to 0.26% of the total number of shares and votes in the company.
Shareholdings of the Group Executive Team, 31 December 2023
| Member | Position | UPM shares 31 December 2023 |
|---|---|---|
| Jussi Pesonen | President and CEO (until 31 December 2023) |
602,771 |
| Massimo Reynaudo | EVP, UPM Communication Papers (President and CEO as of 1 January 2024) |
15,832 |
| Tapio Korpeinen | CFO, EVP UPM Energy | 227,457 |
| Pirkko Harrela | EVP, Stakeholder Relations | 93,666 |
| Antti Jääskeläinen | EVP, UPM Raflatac | 72,390 |
| Mika Kekki | EVP, UPM Plywood | 10,978 |
| Juha Mäkelä | General Counsel | 106,259 |
| Jaakko Nikkilä | EVP, UPM Specialty Papers | 33,979 |
| Riitta Savonlahti | EVP, Human Resources | 22,802 |
| Winfried Schaur | EVP, Technology and UPM Biorefining | 101,489 |
| Kari Ståhlberg | EVP, Strategy | 78,983 |
| Aki Temmes | EVP, UPM Fibres | 5,437 |
