FORTUM RESHAPES IT’S CORPORATE STRUCTURE

Fortum will reorganize its operations into 12 business units instead of the current 26 performance units. The new business units (BUs) will form more natural entities in well-defined industry segments. At the same time, each unit will have a critical mass allowing for own strategic targets and more independent operations. The new business structure (enclosed) is aligned with Fortum´s  strategic direction and emphasises line responsibility.

 

The new Business Units and their leaders are:

 

Oil Sector                                                              Veli-Matti Ropponen

 

Exploration and Production                                     Hans-Kristian Röd

Oil Refining                                                           Risto Rinne

Oil Retail                                                               Matti Peitso

Shipping                                                                Jukka Laaksovirta

 

 

Power and Heat Sector                                           Tapio Kuula

 

Generation                                                             Pekka Päätiläinen

Power Portfolio Management and Trading                 Timo Karttinen

Heat                                                                      Risto Riekko

Gas                                                                      Bo Lindfors

Distribution                                                            Tapio Lehtisalo

Birka Energi (Sweden)                      (Tomas Bruce)

 

The other business units are Fortum Energy Solutions (FES) lead by Mr Eero Auranne and Fortum Markets lead by Mr Kari Huopalahti, who will also continue his duties as Senior Vice President of Corporate Development.

 

The new business structure will be effective as of  October 1st, 2001.

 

 

FORTUM CORPORATION

Corporate Communications

 

 

 

For further information, please contact

 

Mikael Lilius, President & CEO                               +358 10 452 9100

Carola Teir-Lehtinen, Corporate Communications      +358 50 452 4118

 

Enclosure: New business structure