Stock exchange release

Fortum's President and CEO on disability pension

22 January 2015, 13:30 EET


Tapio Kuula, President and CEO of Fortum Corporation, will go on a disability pension starting 1 February 2015. His cancer has recurred and for this reason it is not possible that he continues as the CEO of a listed company. Tapio Kuula has been the President and CEO of Fortum Corporation since 2009.

"On behalf of the entire Board, I wish to express sincere thanks and deep appreciation to Tapio for his excellent work at Fortum. During his 19 years with Fortum, of which the last 6 years as the CEO, the company has developed to become a major power and heat company in the Nordic countries and in the neighbouring areas. I am happy that Tapio Kuula has accepted to be one of the candidates proposed to be elected by the Annual General Meeting of Shareholders to Fortum's Board of Directors for the coming term", says Sari Baldauf, Chairman of the Board of Fortum Corporation.
Fortum's Board has started the search process for a new CEO covering internal and external candidates. In the meanwhile Timo Karttinen, CFO of Fortum Corporation, assumes responsibility for the duties of the President and CEO.

Fortum Corporation
Helena Aatinen
Senior Vice President, Corporate Communications

Further information:
Sari Baldauf, Chairman of the Board, Fortum Corporation
Call-back requests tel. +358 10 45 24121

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Fortum’s purpose is to create energy that improves life for present and future generations. Catering to the versatile needs of our customers, we generate, distribute and sell electricity and heat, and offer related expert services. Our operations focus on the Nordic and Baltic countries, Russia and Poland. In 2013, Fortum’s sales totaled EUR 6.1 billion and comparable operating profit was EUR 1.6 billion. We employ approximately 8,800 people. Fortum’s shares are traded on the NASDAQ OMX Helsinki.