Changes in Stora Enso's Group Executive Team
New senior management appointments and changes in responsibility to further strengthen the Company's leadership
STORA ENSO OYJ STOCK EXCHANGE RELEASE 1 September 2008 at 06.00 GMT “Stora Enso's Group Executive Team (GET), appointed a year ago, has from day one had to manage tremendous challenges. From significant portfolio changes to difficult restructuring measures these people have worked determinedly together. They have positioned the company with a more focussed business set, a very strong balance sheet and even a significant reduction in imported fibre dependency - all vital factors in our efforts to build a stronger company for the future. In the same spirit of moving forward, we are now revising certain roles and responsibilities to stay ahead and be ready to face future challenges. We, as a team, will not just wait for good times to return, or for others to play their part. We will make our own good times come,” says Stora Enso CEO Jouko Karvinen. “In modifying the GET, we are further reducing certain organisational layers, and adding new talent to the team and new responsibilities to existing team members, whilst keeping a wealth of experience supporting us in critical roles,” Karvinen explains. The changes in the Group Executive Team will take effect on 1 October 2008. The changes will have no impact on the financial reporting of the Group. Changes in the Group Executive Team Hannu Ryöppönen, currently Deputy CEO and CFO, will hand over his CFO responsibilities to Markus Rauramo, currently Senior Vice President and Group Treasurer. Hannu Ryöppönen will remain a GET member with his responsibility for Group Strategy, Corporate Finance (including M&A), Purchasing and IT, until he retires from Stora Enso in spring 2009 at his own request in line with his personal long-term plans. Markus Rauramo will also join the Group Executive Team. Markus Rauramo, who joined the Group in 1993, has been Group Treasurer since 2004. He has also held various positions in finance and strategy in the Group and implemented key strategic projects, including the successful divestment of Stora Enso's North American operations. “Hannu Ryöppönen has been a great teammate for me, especially as I arrived as a newcomer to the Company and industry. With today's change, Hannu can now focus on Group Strategy and its effective implementation to ensure we not only maintain but accelerate our pace of change. Markus Rauramo not only knows the company and industry very well, but has also shown me in the past 18 months that he is a person who gets things done, and done well,” comments Jouko Karvinen. Christer Ågren, currently responsible for Human Resources and IT, and Country Manager for Sweden, has decided to join a company outside Stora Enso. His responsibility for Human Resources will be taken over by Elisabet Salander Björklund, in addition to her current responsibilities for Wood Supply, Pulp Supply and Sustainability. The IT function will report to Hannu Ryöppönen. Changes in regional responsibilities In addition to their current responsibilities, Mats Nordlander will become responsible for China and the rest of Asia, Veli-Jussi Potka for Russia and Elisabet Salander Björklund will take over responsibility for Latin America. “Latin America, China and Russia are all strategically critical markets for our future - and specific businesses of Stora Enso. That is why they all deserve a direct link to the Group Executive Team, with no intermediate layers. The more direct the link to the business leaders, the better,” says Jouko Karvinen. Changes in Country Responsibilities In addition to his existing responsibilities, Juha Vanhainen, Business Area (BA) head of Newsprint and Book Paper, will take over the role of Country Manager Finland from Aulis Ansaharju, who will continue BA head of Fine Paper. Elisabet Salander Björklund will take over the role of Country Manager Sweden in addition to her other responsibilities. Other responsibilities of Group Executive Team members remain unchanged. For further information, please contact: Jouko Karvinen, CEO, tel. +358 2046 21410 Hannu Ryöppönen, Deputy CEO & CFO, tel. +358 2046 21450 Markus Rauramo, SVP, Group Treasurer, tel. +358 2046 21121 Juha Vanhainen, EVP, Newspaper and Book Paper, tel. +358 2046 21343 Aulis Ansaharju, EVP, Fine Paper and Country Manager, Finland, tel. +358 400 480 984 Elisabet Salander Björklund, EVP, Wood Supply, Pulp Supply and Sustainability, tel. +46 1046 46631 Christer Ågren, EVP, HR & IT and Country Manager, Sweden, tel. +46 703 876 868 Keith B Russell, SVP, Investor Relations, tel. +44 20 7121 0910 Ulla Paajanen-Sainio, VP, Investor Relations and Financial Communications, tel. +358 40 763 8767 Previous press releases concerning changes in Stora Enso's management are available at www.storaenso.com/press. 25 August 2008: Stora Enso appoints Hannu Kasurinen as new head of Wood Products and member of GET 5 September 2007: Stora Enso launches new Group organisation to improve long-term profitability APPENDIX: Markus Rauramo's CV Printable photos of executives can be found at www.storaenso.com/ > mediacentre > imagebank > executives www.storaenso.com www.storaenso.com/investors STORA ENSO OYJ p.p. Jussi Siitonen Anne Asmundi