FORTUM CORPORATION STOCK EXCHANGE RELEASE, 4 February 2014 at 8.30 EET
Fortum will renew its business structure as of 1 March 2014. Target of the
reorganisation is to strengthen Fortum's capability to execute the company's
strategy in the fast developing operating environment. In the new structure,
Fortum has four reporting segments: Heat, Electricity Sales and Solutions;
Power and Technology; Russia and Distribution. Fortum will report its 2014
first quarter financial results according to the new structure.
“With the new operational structure, we are more equipped to take advantage of
the changes in the current volatile business environment. We also see that we
can find better synergies between the businesses through the new structure.
Hence, we expand our competences by changing the management responsibilities,”
says Tapio Kuula, President and CEO of Fortum Corporation.
Matti Ruotsala will be appointed Chief Operating Officer (COO) and will act as
deputy to the CEO. Fortum's CFO will be Timo Karttinen. New Executive
Management members will be Tiina Tuomela, who will be appointed Executive Vice
President, Nuclear and Thermal Power division; Kari Kautinen, Senior Vice
President, Strategy, Mergers and Acquisitions and Esa Hyvärinen, Senior Vice
President, Corporate Relations.
Other Executive Management members are Tapio Kuula, President and CEO; Matti
Ruotsala, COO; Timo Karttinen, CFO; Markus Rauramo in a new role as Executive
Vice President for Heat, Electricity Sales and Solution division; Per Langer in
a new role as Executive Vice President for Hydro Power and Technology division;
Alexander Chuvaev, Executive Vice President, Russia Division as well as Kaarina
Ståhlberg, General Counsel; Mikael Frisk, Senior Vice President, Human
Resources and IT and Helena Aatinen, Senior Vice President, Communications.
As of 1 March 2014, Fortum's four reporting segments and their business
divisions are as follows:
Heat, Electricity Sales and Solutions
The division will comprise Fortum's combined heat and power (CHP) production,
district heating activities and business to business heating solutions, solar
business, electricity sales and related customer offering and Corporate
Sustainability. The division will be headed by Markus Rauramo, Executive Vice
President, who will report to COO Matti Ruotsala. Markus Rauramo will also be
the country responsible for Poland, Baltic countries and India.
Power and Technology
Power and Technology will consist of Fortum's hydro, nuclear and thermal power
generation, Power Solutions with expert services, portfolio management and
trading as well as technology and R&D functions. The segment will incorporate
- Hydro Power and Technology headed by Per Langer, Executive Vice President,
who will continue as country responsible for Sweden.
- Nuclear and Thermal Power headed by Tiina Tuomela, Executive Vice President.
Both Tiina Tuomela and Per Langer will report to COO Matti Ruotsala.
Russia division will comprise Fortum's activities in Russia. The division is
headed by Alexander Chuvaev, Executive Vice President, who will continue also
as General Director, OAO Fortum and the country responsible for Russia.
Distribution division will consist of Fortum's electricity distribution
activities. In addition to his CFO role, Timo Karttinen will be heading the
division and will also be country responsible for Finland and Norway.
Fortum's six staff functions are:
- Finance, headed by CFO Timo Karttinen
- Strategy and Mergers & Acquisitions, headed by Kari Kautinen, Senior Vice
- Legal, headed by Kaarina Ståhlberg, General Counsel
- Human Resources and IT, headed by Mikael Frisk, Senior Vice President
- Communications, headed by Helena Aatinen, Senior Vice President
- Corporate Relations, headed by Esa Hyvärinen, Senior Vice President.
COO Matti Ruotsala, CFO Timo Karttinen and Alexander Chuvaev, EVP of Russia
Division, as well as the staff functions heads will report to the President and
CEO Tapio Kuula.
SVP, Corporate Communications
Tapio Kuula, President and CEO, Fortum Corporation, +358 10 452 4112
NASDAQ OMX Helsinki
Information on Fortum's continuing management team members:
Background information on the new Fortum Management Group members:
Executive Vice President, Nuclear and Thermal Power
Born in 1966. MSc (Eng) from Lappeenranta University of Technology and MBA,
Helsinki School of Economics. Joined Fortum in 1990. Served as Vice President,
Finance in Power Division during 2009 - 2014 and as Vice President, Business
Control and Support in Generation during 2005 - 2009. Previously held other
senior positions within Fortum, during 2000 – 2003 as Business Controller in
Fortum Generation in UK. Member of the Board of Directors of Teollisuuden Voima
Oyj and Raskone Oy as well as several Fortum Group companies.
Senior Vice President, Strategy, Mergers and Acquisitions
Born in 1964. LL.M. from University of Helsinki. Joined Fortum in 1998. Has
several years' experience on international business: Served first as Legal
Counsel in South-East Asia, moved then to Mergers & Acquisitions in Germany and
from there to Business development in Russia. Held Vice President position in
Mergers and Acquisitions within Fortum during 2007 - 2012 and has been heading
Strategy, Mergers and Acquisitions since 2012. Member of the Board of Directors
of TGC-1, OAO Fortum and several other Fortum-owned holdings in Russia.
Senior Vice President, Corporate Relations
Born in 1967. Master of Social Sciences (Economics) and Master of Agriculture
and Forestry (Forest Economy) from University of Helsinki. Joined Fortum as
Vice President, Corporate Relations in 2006. Served as Head of Recycling and
Environmental units at the Confederation of European paper industries in
Brussels during 2000-2006 and as Senior Advisor at the Finnish Ministry of
Trade and Industry during 1997-2000.