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UPM CEO Jussi Pesonen to Retire, Massimo Reynaudo Named Successor

Massimo Reynaudo Massimo Reynaudo

Oct. 24, 2024 - UPM has appointed Massimo Reynaudo as President and CEO of UPM-Kymmene Corporation as of January 1, 2024. He will succeed Jussi Pesonen, who will continue as the President and CEO until December 31, 2023, after which he will work as an advisor to the company and its management until April 30, 2024, when he retires.

Reynaudo has been with UPM since 2017. He is an Italian citizen and was born in 1969. He is currently Executive Vice President, UPM Communication Papers. Prior to that, he served as Senior Vice President of UPM Raflatac from 2017 to 2021. Earlier in his career, between 1995 and 2017, he held several senior positions at Kimberly-Clark Corporation.

Reynaudo has a master's degree in engineering from Politecnico di Torino and additional studies in business administration and management.

"Massimo has an excellent international background and a very solid track record at UPM as an engaging change leader. Both in UPM Raflatac and in UPM Communication Papers, he has driven positive change of the businesses, renewed the commercial strategy and built high-performing teams to improve the performance of each business," said Henrik Ehrnrooth, Chair of the Board of UPM.

Jussi Pesonen Jussi Pesonen

Pesonen will retire from UPM after 37 years of service.

"On behalf of the Board of Directors I would like to thank Jussi wholeheartedly for his contribution to the success of the company," Ehrnrooth said. "Jussi has had a long and successful tenure as the President and CEO — almost 20 years. He took over a traditional, Finland-focused printing paper company and transformed it to an innovative, renewable materials company with international growth."

Pesonen said, "I do not have words to express my deep gratitude to all UPMers. Together, we have come a long way and reinvented UPM to the benefit of all our stakeholders. I am extremely proud of all that we have achieved during the last twenty years.

"I am very confident that UPM has a great future ahead under the excellent leadership of the Board and Massimo Reynaudo. I also wish to thank wholeheartedly the former Chairman Björn Wahlroos and all my Executive Team members. Success would not have been possible without the constant support from my closest ones, my family, to whom I am immensely grateful," Pesonen concluded.

UPM noted that it will initiate the process for selecting a new Executive Vice President, Communication Papers to fill the position left by Reynaudo's appointment.

UPM delivers renewable and responsible solutions and innovates for a future beyond fossils across six business areas: UPM Biorefining, UPM Energy, UPM Raflatac, UPM Specialty Papers, UPM Communication Papers and UPM Plywood.


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