Helsinki (News release) -- In accordance with the terms of his service contract, UPM's President and CEO Jussi Pesonen has announced that he will exercise his right to retire from UPM during 2024.

"In 2024 I will have served UPM as President and CEO for 20 years and spent a total of 37 years with the company. The announced timetable aims to secure the success of the strategic growth initiatives as well as business performance over the coming few years. However, it is also time to start planning for the next stage," says Jussi Pesonen. The schedule also allows UPM's Board of Directors sufficient time for implementing the succession planning process.

The service contract of the President and CEO was revised in 2019 at the expiry of the previous contract (Stock Exchange Release 24 October 2019). It defines the terms and conditions according to which Jussi Pesonen has continued his work as President and CEO beyond his original retirement age of 60.

"Jussi has done and continues to do fantastic work for UPM, for which we are truly grateful. We knew that this day would come, but regret his decision nevertheless", says UPM's Chairman of the Board, Björn Wahlroos.

Jussi Pesonen was appointed as UPM's President and CEO in 2004. Before that he served UPM in several management positions since 1987. He was born in 1960.