STOCK EXCHANGE RELEASE 22 Jan 2008
HEIKKI MALINEN APPOINTED PRESIDENT AND CEO OF PÖYRY
The Board of Directors of Pöyry Plc has appointed Heikki Malinen new President and CEO of Pöyry Plc. Heikki Malinen (45) holds an MBA from Harvard and a Master of Science degree in Economics. He will join Pöyry from UPM-Kymmene Corporation where he is currently Executive Vice President, Strategy, and in this role a member of the UPM Executive Team since January 2006. Mr Malinen will take up the position of President and CEO of Pöyry as of 1 June 2008. Erkki Pehu-Lehtonen, current President and CEO of Pöyry, will be available during a period of transition to ensure a smooth change.
In the past ten years Pöyry has under Mr Pehu-Lehtonen's leadership become a major player in the consulting and engineering sector with a strong market position in its field of activities. The company has experienced a three-fold sales increase, about ten-fold increase in the market capitalisation and it has a strong financial position. The future outlook for the company is good. Today Pöyry employs over 7300 professionals and has an extensive office network in 45 countries. The company's growth opportunities are positive, especially in emerging markets due to strong investment activity. Furthermore, the company has built up a balanced business portfolio and is active in areas where actions to mitigate the effects of climate change provide new business opportunities in for example energy efficiency, biofuels, mass transportation, urban planning, water distribution and forestry planning services. The task of Heikki Malinen as the new President and CEO of Pöyry is to capitalise on this good base for further growth of the company.
"I want to take this opportunity to express my sincere thanks to Erkki Pehu-Lehtonen for our excellent cooperation during his very successful era at Pöyry," says Henrik Ehrnrooth, Chairman of the Board of Directors of Pöyry Plc. He continues, "The search process was initiated when Mr Pehu-Lehtonen expressed his desire to transfer to part-time advisor assignments. The decision to appoint Heikki Malinen is the outcome of a thorough global search process. We were looking for a people leader with international experience and drive to continue the profitable growth strategy of Pöyry. I am confident that Mr Malinen is a perfect fit for the role, being an exceptionally international person with extensive and relevant experience for this position. The fact that he has professional services experience from Pöyry in 2000-2001 will help him get a head-start in this new role."
"I am very excited to join Pöyry. The company's professionals are highly skilled and have profound expertise in many fields. Pöyry has strong and extensive client relationships, many growth opportunities globally and is well-positioned to expand its activities further. I very much look forward to working with the whole organisation, the clients and other stakeholders in taking Pöyry to the next level," says Heikki Malinen.
"I offer my best wishes to Heikki Malinen in his new role as President and CEO of Pöyry. I support the decision to appoint Mr Malinen as my successor and I am confident that Pöyry will be in good hands for continued and successful growth under his leadership," comments Erkki Pehu-Lehtonen. Mr Pehu-Lehtonen will continue to undertake advisory assignments from the Board of Directors.
Pöyry is a global consulting and engineering firm focusing on the energy, forest industry and infrastructure & environment sectors. Pöyry's net sales in 2006 amounted to about EUR 620 million and it employs 7300 experts.
Board of Directors
Additional information by:
Henrik Ehrnrooth, Chairman of the Board of Directors, Pöyry Plc
Tel. +358 10 33 22211
Erkki Pehu-Lehtonen, President and CEO, Pöyry Plc
Tel. +358 10 33 22999
Heikki Malinen, President and CEO as of 1 June 2008, Pöyry Plc
Tel. +358 204 150110
The biography of Heikki Malinen is available on Pöyry's website www.poyry.com.
OMX Nordic Exchange Helsinki