Reorganisation of Stora Enso Finance and Strategy staff function
STORA ENSO OYJ Press Release 13 March 2006 at 14.00
Reorganisation of Stora Enso Finance and Strategy staff function Stora Ensos Finance and Strategy staff function, headed by Hannu Ryöppönen, CFO, has been reorganised with effect from 1 March 2006. The main objective of the new organisation is to further focus and develop business analytical resources and specialised competencies at Group level. A new function, Group Business Analysis and Controlling, has been formed headed by Jouni Seppälä, Senior Vice President, Business Analysis and Controlling. The main duties of the new function are Group-level business controlling and analysis; budgeting and forecasting; management of the Profit 2007 and Asset Performance Review profit improvement projects; strategy process support and Investment Committee participation. Jouni Seppälä will be based in Helsinki. The Group Accounting and Reporting function headed by Jussi Siitonen, Senior Vice President and Chief Accounting Officer, undertakes Stora Ensos Group reporting. The main duties of the function are controlling of accounting and financial reporting at Group level and country level; setting accounting and reporting standards and policies to comply with both professional (IFRS and US GAAP) and corporate internal reporting requirements; and performing monthly, quarterly and annual closings and reports. Jussi Siitonen, who will also be a member of Stora Ensos Disclosure Committee, will be based in Helsinki. A new function, Group Risk Management and Financial Platform, has been established headed by Bo Eriksson, Senior Vice President, Risk Management and Financial Platform. It is responsible for enterprise risk management; credit management; global financial shared services; Stora Enso Administrative Application Platform and Sarbanes-Oxley Act compliance implementation. Bo Eriksson continues to be a member of Stora Ensos Disclosure Committee and will be based in Stockholm. Markus Rauramo, Senior Vice President, Group Treasurer, continues to lead Stora Ensos Financial Services. The Corporate Finance function based in London and headed by Anders Bergkvist, Vice President, Corporate Finance, has been added to Financial Services with the following tasks: mergers and acquisitions and divestment management; structured and project finance and new growth markets finance. In addition back office will become part of Financial Services. Markus Rauramo continues to be based in London. As previously announced, a major part of the Financial Services (Treasury) operations will be moved from London to Helsinki. The Group Strategy function will be headed by Antti Jääskeläinen, Senior Vice President, Group Strategy. Its tasks are Group strategy development; top management decision-making support; Group portfolio and structural development. Antti Jääskeläinen will be based in Helsinki. Risto Suuraho, head of Internal Audit, will retire on 1 June 2006. He will be succeeded as Senior Vice President and head of Internal Audit by Ville Hietalahti, who will be based in Helsinki. The following functions remain part of Finance and Strategy: - Group Legal Services, headed by Jyrki Kurkinen, Senior Vice President, General Counsel, based in Helsinki - Group Tax Services, headed by Karin Lagerkvist, Vice President, based in Stockholm - Investor Relations, headed by Keith Russell, Senior Vice President, based in London - Investment Process, headed by Magnus Diesen, Executive Vice President, based in London - Business Intelligence and Corporate Affairs, headed by Seppo Suuronen, Vice President, based in Helsinki For further information, please contact: Hannu Ryöppönen, CFO, tel. +44 20 7016 3114 Kari Vainio, EVP, Corporate Communications, tel. +44 7799 348 197 Keith B Russell, SVP, Investor Relations, tel. +44 7775 788 659 www.storaenso.com www.storaenso.com/investors Copy the following link to your browser to see the updated organisation chart: http://www.storaenso.com/CDAvgn/main/0,,1_- 6508-15067-,00.html STORA ENSO OYJ p.p. Jussi Siitonen Jukka Marttila