UPM-Kymmene Corporation has declared that its Chief Financial Officer and Executive Vice President of UPM Energy, Tapio Korpeinen, is set to retire by the end of 2026. Korpeinen has reached his retirement age according to his contract. However, he will continue to support the company until mid-2027 in a role as a Senior Advisor. Korpeinen has spent 22 years with UPM. His tenure has been significant for the company in terms of transformation and creating shareholder value. He has played a vital role in strengthening UPM operations and growth initiatives.
“On behalf of the whole UPM, I want to express our gratitude to Tapio for his invaluable contribution to UPM’s success during his 22 years in the company. He has held an integral role in UPM’s transformation and shareholder value creation, both as a CFO and in driving the UPM Energy business,” says Massimo Reynaudo, UPM President and CEO.
UPM has started succession planning and will search separately for successors for the CFO and EVP, UPM Energy positions, ensuring a smooth leadership transition.
Risto Penttinen Joins as EVP, Transformation
UPM appointed Risto Penttinen Executive Vice President, Transformation, and member of the Group Executive Team, effective April 13, 2026. He will report directly to Massimo Reynaudo, President and CEO, and lead strategic initiatives for the company’s next transformation phase.
“We are taking major strategic steps that are shaping the future of the company. To prepare UPM for the next phase of our transformation, we have established a dedicated position. Risto’s broad experience and in-depth expertise in strategy, organizational change and transformation is a perfect fit for this role,” says Reynaudo.
Born in 1968, Penttinen holds a master’s degree in international business and has senior leadership experience at Fortum and Uniper from 2011-2024, including membership in Fortum’s executive team. He also spent 14 years as a consultant and partner at McKinsey & Company and currently works as an independent consultant.
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Source: PRNewswire
