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Stora Enso Has Appointed Hannu Ryopponen as New CFO

Wednesday, May 25, 2005

Press release from the issuing company

HELSINKI, Finland, May 24 -- Stora Enso today announced that Stora Enso has appointed Hannu Ryopponen B.A., B.B.A., as new Chief Financial Officer (CFO) and Senior Executive Vice President, Finance, Accounting, Legal Affairs and Investor Relations as from 1 September 2005. He will be based in the Group's London International Office. Mr. Ryopponen, born in 1952, has had an extensive international career in the financial field. He has been CFO of the Dutch company Ahold N.V. since 2003. Previously Mr. Ryopponen worked for four years as CFO of Industri Kapital Group based in London and in asset management for Ikano based in Luxembourg. Before that for thirteen years (1985-98) he was Executive Vice President and Group Treasurer at IKEA based in Denmark. He has also held positions at Alfa-Laval (1981-85) in North America and Sweden, and he started his international career in 1977 at Chemical Bank in London and New York. Changes in Stora Enso's Corporate Governance Stora Enso's Board of Directors has revised the Company's Corporate Governance to reflect the new organisational structure that came into effect on 1 May 2005 and the forthcoming retirement of Deputy CEO Bjorn Hagglund on 1 June 2005. As of 1 June 2005 the specific role of Deputy CEO will be discontinued. Thereafter, the Chief Financial Officer (CFO) will also act as a deputy to the CEO when required. Esko Makelainen, the current CFO, will act as deputy to the CEO from 1 June to 31 August 2005. Mr. Ryopponen will become deputy to the CEO on 1 September 2005. Mr. Makelainen will retire from Stora Enso at the end of 2005. Other changes in the Corporate Governance are as follows: The Board now has ten ordinary members (previously 11 members). There are nine non-executive members who are independent and not affiliated with Stora Enso and one executive member (CEO). The Nomination Committee is appointed by the shareholders in accordance with the decision by the Annual General Meeting on 22 March 2005. Previously this committee was nominated by the Board of Directors. It consists of four members: the Chairman and the Vice Chairman of the Board and two members appointed annually by the two largest shareholders (one each) according to the share register of 1 October. "Our revised Corporate Governance following the decision of our recent AGM and the new organisation, create an improved and more efficient management structure, whilst ensuring the highest standards of transparency and accountability in the way we operate," comments Jukka Harmala, Stora Enso's CEO.

 

 

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