Stora Enso has appointed Hannu Ryöppönen as new CFO
STORA ENSO OYJ Stock Exchange Release 24 May 2005 at 9.00
Stora Enso has appointed Hannu Ryöppönen as new CFO Stora Enso has appointed Hannu Ryöppönen B.A., B.B.A., as new Chief Financial Officer (CFO) and Senior Executive Vice President, Finance, Accounting, Legal Affairs and Investor Relations as from 1 September 2005. He will be based in the Groups London International Office. Mr Ryöppönen, born in 1952, has had an extensive international career in the financial field. He has been CFO of the Dutch company Ahold N.V. since 2003. Previously Mr Ryöppönen worked for four years as CFO of Industri Kapital Group based in London and in asset management for Ikano based in Luxembourg. Before that for thirteen years (1985-98) he was Executive Vice President and Group Treasurer at IKEA based in Denmark. He has also held positions at Alfa-Laval (1981-85) in North America and Sweden, and he started his international career in 1977 at Chemical Bank in London and New York. Changes in Stora Ensos Corporate Governance Stora Ensos Board of Directors has revised the Companys Corporate Governance to reflect the new organisational structure that came into effect on 1 May 2005 and the forthcoming retirement of Deputy CEO Björn Hägglund on 1 June 2005. As of 1 June 2005 the specific role of Deputy CEO will be discontinued. Thereafter, the Chief Financial Officer (CFO) will also act as a deputy to the CEO when required. Esko Mäkeläinen, the current CFO, will act as deputy to the CEO from 1 June to 31 August 2005. Mr Ryöppönen will become deputy to the CEO on 1 September 2005. Mr Mäkeläinen will retire from Stora Enso at the end of 2005. Other changes in the Corporate Governance are as follows: The Board now has ten ordinary members (previously 11 members). There are nine non-executive members who are independent and not affiliated with Stora Enso and one executive member (CEO). The Nomination Committee is appointed by the shareholders in accordance with the decision by the Annual General Meeting on 22 March 2005. Previously this committee was nominated by the Board of Directors. It consists of four members: the Chairman and the Vice Chairman of the Board and two members appointed annually by the two largest shareholders (one each) according to the share register of 1 October. Our revised Corporate Governance following the decision of our recent AGM and the new organisation, create an improved and more efficient management structure, whilst ensuring the highest standards of transparency and accountability in the way we operate, comments Jukka Härmälä, Stora Ensos CEO. For further information, please contact: Jukka Härmälä, Chief Executive Officer, tel. +44 20 7016 3111 Esko Mäkeläinen, CFO, tel. +44 20 7016 3115 Jyrki Kurkinen, Senior Vice President, Legal Affairs, tel. +358 2046 21217 Kari Vainio, Executive Vice President, Corporate Communications, tel. +44 7799 348 197 Keith Russell, Senior Vice President, Investor Relations, tel. +44 7775 788 659 Ulla Paajanen-Sainio, Vice President, Investor Relations and Financial Communications, tel. +358 40 763 8767 APPENDIX CV of Mr Ryöppönen Photo of Mr Ryöppönen is available at http://bmt.storaenso.com/storaensolink.jsp?imageid=20050524 Kindly, copy the link into your web browser. Previous press releases concerning Stora Ensos Corporate Governance: www.storaenso.com/press - 22 March 2005: Stora Ensos Annual General Meeting and decisions by the Board of Directors - 31 March 2005: Stora Enso changes its organisation The revised Corporate Governance can be read at Stora Enso's website www.storaenso.com www.storaenso.com www.storaenso.com/investors C U R R I C U L U M V I T A E Hannu Ryöppönen BORN: 25 March 1952, Finland (Finnish national) PERSONAL: Married, has four children EDUCATION: BA in Business Administration (1976) Svenska Handelshögskolan, Helsinki LANGUAGES: Spoken and written Swedish, English & Finnish Some German WORK EXPERIENCE 2003 Present Ahold, Amsterdam,CFO 1999 2003 Industri Kapital Group, London,CFO 1998 1999 Ikano Asset Management, Luxembourg Deputy Managing Director 1985 1998 IKEA International A/S, Denmark Executive Vice President (reporting to Group Chief Executive) 1984 1985 Alfa-Laval Contracting AB, Stockholm Swedish subsidiary)Manager, Finance & Administration 1981 1984 Alfa-Laval, Inc., New Jersey Treasurer for US Operations 1977 1981 Chemical Bank, New York STORA ENSO OYJ p.p. Jussi Siitonen Jukka Marttila