UPM has appointed the Italian Massimo Reynaudo as the company's next CEO. Rynaudo will start at the beginning of next year.
Current CEO Jussi Pesonen will continue in the position until the end of the year and then as an advisor before retiring in April 2024.
Reynaudo, born in 1969, has worked at UPM since 2017. He currently manages the UPM Communication Papers business. In the past, he has held several management positions at, among others, the Kimberly-Clark company.
UPM's board chairman Henrik Ehrnrooth praised Reynaudo's international background and vision of UPM's strategy.
"The appointment is a great honor for me. UPM has a good operating model and highly committed personnel. Together, we will continue to implement the strategy and create a future independent of fossil raw materials", says Reynaudo in the press release.
Jussi Pesonen's nearly 20-year CEO tenure at UPM culminated in, among other things, a nine percent average annual total return on shares and a renewed corporate culture. Pesonen says he will leave the company grateful.
