Stock Exchange Release
12 August 2009 at 9.00
Fortum to reorganise its business structure as of 1 October 2009
Fortum will reorganise its business structure around four business divisions and
four staff functions in order to increase the organisation's efficiency,
performance accountability and simplicity. The change will take effect on 1
“The reorganisation will enable us to improve the decision making and business
steering by simplifying the organisational structure, eliminating overlaps and
clarifying accountabilities,” says Tapio Kuula, President and CEO of Fortum.
The new business divisions are Power, Heat, Russia, and Electricity Solutions
and Distribution. Power Division will consist of Fortum's power generation,
major parts of portfolio management and trading, and operation&maintenance and
other service activities. Heat Division will consist of Fortum's combined heat
and power plants, district heating activities and business to business heating
solutions. Russia Division will consist of Fortum's activities in Russia.
Electricity Solutions and Distribution Division will consist of Fortum's
electricity sales and solutions, technology and distribution activities. Power,
and Electricity Solutions and Distribution Divisions will be led from Espoo.
Heat Division will be led from Stockholm, and Russia Division will be led from
Fortum is not changing its financial reporting structure as a result of the
The staff functions are Finance, Corporate Relations and Sustainability,
Corporate Human Resources, and Corporate Strategy.
Fortum Management Team sets the strategic targets, prepares the Group's annual
business plans, follows up on the results, and plans and decides on investments,
mergers, acquisitions and divestments within authorisation. Each member of the
Management Team is responsible for the key day-to-day operations and the
implementation of operational decisions in their respective organisations.
The Management Team will consist of the following members:
Tapio Kuula, President and CEO.
Matti Ruotsala, Executive Vice President, Power Division.
Per Langer, Executive Vice President, Heat Division. Country responsible for
Sweden, Poland and Baltics.
Alexander Chuvaev, Executive Vice President, Russia Division. General Director,
OAO Fortum. Country responsible for Russia.
Timo Karttinen, Executive Vice President, Electricity Solutions and Distribution
Division. Country responsible for Finland and Norway.
Juha Laaksonen, Executive Vice President and Chief Financial Officer.
Anne Brunila, Executive Vice President, Corporate Relations and Sustainability.
Mikael Frisk, Senior Vice President, Corporate Human Resources.
Maria Paatero-Kaarnakari, Senior Vice President, Corporate Strategy.
Matti Ruotsala, Per Langer, Alexander Chuvaev and Anne Brunila are new
Management Team members.
The General Counsel Harri Pynnä acts as the Secretary to the Management Team,
but is not part of the Management Team.
SVP, Corporate Communications
Tapio Kuula, President and CEO, Fortum Corporation, +358 10 24112
NASDAQ OMX Helsinki
Management Team members as of 1 October 2009
President and CEO
Born 1957. MSc (Eng), MSc (Econ). Joined Fortum in 1996. Member of the
Management Team since 1997. Served as Senior Vice President of Fortum
Corporation during 2005-2009. Served as President of Fortum Corporation's Power
and Heat Sector during 2000-2005. Held other senior positions within Fortum and
Imatran Voima Oy during 1996-2000. Previously served in forest industry and as
Managing Director of various energy companies. Chairman of the Board of OAO
Fortum in Russia. Vice Chairman of the Board of Teollisuuden Voima Oyj. Member
of the Supervisory Board of Varma Mutual Pension Insurance Company.
Executive Vice President, Power Division
Born 1956. MSc (Eng). Joined Fortum in 2007. Served as President of Generation,
Fortum Power and Heat Oy, during 2007-2009. Served as Managing Director of
Valtra Ltd and Vice President of AGCO Corporation, during 2005-2007. Held
several senior and managerial positions at Konecranes Plc and Kone Oy during
1982-2005. Chairman of the Board of Kemijoki Oy and PKC Group Oyj. Member of the
Boards of Teollisuuden Voima Oyj, OKG Aktiebolag, Forsmarks Kraftgrupp AB, Oy
Halton Group Ltd and Larox Oyj.
Executive Vice President, Heat Division. Country responsible for Sweden, Poland
and the Baltics
Born 1969. MSc (Econ). Joined Fortum in 1999. Served as President of Heat,
Fortum Power and Heat Oy, during 2007-2009. Served as President of Portfolio
Management and Trading, Fortum Power and Heat Oy, during 2004-2007. Held several
managerial positions within Fortum during 1999-2004. Manager of Gullspång Kraft,
Örebro, during 1997-1999. Member of the Board of Karlskoga Energi och Miljö.
Executive Vice President, Russia Division. General Director of OAO Fortum.
Country responsible for Russia
Born 1960. MSc (Eng). Joins Fortum on 1 October 2009. Has a versatile
international experience of the industry from several managerial and executive
Executive Vice President, Electricity Solutions and Distribution Division.
Country responsible for Finland
Born 1965. MSc (Eng). Joined Fortum in 1989. Member of the Management Team since
2004. Served as Senior Vice President, Corporate Development, during 2004-2009.
Held several senior positions at Fortum and Imatran Voima Oy during 1997-2004.
Vice Chairman of the Board of Fingrid Oyj. Vice Chairman of the Executive Board
of the Association of Finnish Energy Industries. Member of the Supervisory
Boards of Gasum Oy and AS Eesti Gaas.
Executive Vice President and Chief Financial Officer. Also responsible for risk
management, legal affairs, industrial intelligence and trading, procurement and
Born 1952. BSc (Econ). Joined Fortum in 1979. Member of the Management Team and
Chief Financial Officer since 2000. Served as Corporate Vice President, M&A, in
2000. Served as Executive Vice President, Finance & Planning, at Fortum Oil &
Gas Oy during 1999-2000. Chief Financial Officer at Neste Oyj during 1998-1999.
Chairman of the Board of Sato Oyj. Member of the Boards of Kemira Oyj,
Teollisuuden Voima Oyj and OAO Fortum. Member of the Supervisory Board of
Executive Vice President, Corporate Relations and Sustainability. Responsible
for communications, public affairs, branding and sustainability.
Born 1957, DSc (Economics and Business Administration). Joins Fortum on 15
September 2009. Joins Fortum from the position as President and CEO of Finnish
Forest Industries Federation 2005-2009. Several positions at the Ministry of
Finance 2002-2005. Advisor to the Board, The Bank of Finland 2002. Advisor,
European Commission 2000-2002. Several positions, The Bank of Finland 1992-2000.
Member of the Boards of Kone Oyj, Sampo Oyj, Aalto University Foundation, The
Research Institute of Finnish Economy ETLA, Finnish Business and Policy Forum
EVA, Economic Information Office. Member of State ownership steering group,
Prime Minister's office. Member of Confederation of European Paper Industries
CEPI. Member of the extended executive group of Confederation of Finnish
Industries EK . Member of International Council of Forest and Paper Associations
ICFPA. Member of the Finnish Delegation of International Chamber of Commerce.
Member of the high level working group for forest sector and Chairman of the
working group for investmens of the Finnish-Russian Intergovernmental Commission
for Economic Cooperation. Member of the Advisory Council of the Finnish
Innovation Fund Sitra.
Senior Vice President, Corporate Human Resources
Born 1961. MSc (Econ). Joined Fortum in 2001. Member of the Management Team
since 2001. Senior Vice President, Corporate Human Resources, during 2001-2009.
Served as Vice President, HR Global Functions at Nokia Mobile Phones during
1998-2001. Served as Vice President, HR, Nokia-Maillefer, during 1993-1998. HR
Development Manager at Nokia NCM Division during 1992-1993 and at Huber during
1990-1992. Member of the Boards of Talentor Group and Staffpoint.
Senior Vice President, Corporate Strategy
Born 1955. MSc (Eng). Joined Fortum in 1985. Member of the Management Team since
2007. Senior Vice President, Corporate Strategy, during 2007-2009. Served as
Vice President, Corporate Development, during 2000-2007. Served as Manager,
Strategic Planning, at Neste during 1998-2000. Held various managerial positions
at Neste during 1985-1998.