UPM-Kymmene Corporation Names Massimo Reynaudo as CEO and President

Massimo Reynaudo has been appointed as the President and CEO of UPM-Kymmene Corporation, effective from 1 January 2024. Jussi Pesonen will continue in his role as President and CEO until 31 December 2023. Following his tenure, he will transition to an advisory role within the company, working with its management until his retirement on 30 April 2024.

Mr. Reynaudo has been an integral part of UPM since 2017, currently serving as the Executive Vice President of UPM Communication Papers. Prior to this, he held the position of Senior Vice President at UPM Raflatac from 2017 to 2021. Earlier in his career, he occupied various senior positions at Kimberly-Clark Corporation. His educational background includes a master’s degree in engineering from Politecnico di Torino, with additional studies in business administration and management.

With Mr. Reynaudo assuming the role of President and CEO, UPM will commence the process of selecting an Executive Vice President for Communication Papers.

Henrik Ehrnrooth, the Chair of the Board of UPM, expressed his confidence in Massimo Reynaudo, highlighting his international experience and his history of effecting positive change within the company. Ehrnrooth praised Reynaudo’s ability to rejuvenate business strategies and assemble high-performing teams, ultimately enhancing each business’s performance. Ehrnrooth also endorsed Reynaudo’s clear vision for the continued execution of UPM’s Biofore strategy.

Upon his appointment, Massimo Reynaudo expressed his deep honor and enthusiasm. He acknowledged the strength of UPM’s operating model and its dedicated workforce and committed to continuing the implementation of the company’s strategy, driving the transition towards sustainable, bio-based solutions.

Jussi Pesonen, who has dedicated 37 years of service to UPM, will retire from the company. Henrik Ehrnrooth expressed his gratitude to Pesonen for his substantial contributions to the company’s success during his long tenure as President and CEO.

Ehrnrooth commended Pesonen’s transformation of UPM from a traditional, Finland-focused printing paper company into an innovative, international renewable materials company. Under Pesonen’s leadership, the company developed a competitive and agile operating model, effective capital allocation principles, and a strong leadership culture and achieved a leadership position in sustainability. Ehrnrooth expressed his confidence that these achievements will continue to support the company’s success in the future.

Jussi Pesonen, in his farewell, expressed his gratitude to UPM’s employees and stakeholders for the remarkable journey they undertook together in reinventing UPM over the past twenty years. He acknowledged the tremendous support from his family and expressed his commitment to remain active in the business world, following his motto of “From promise to performance and profits.”

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