Orion Corporation announced that according to the agreement on the position of CEO of company, the retirement age of Timo Lappalainen is 60 years. Mr. Lappalainen will turn 60 in October 2022. Timo Lappalainen has informed the Board of Directors of Orion that he will utilize the possibility to retire at the age of 60. The Board of Directors of Orion and Timo Lappalainen have agreed on the time schedule for the transition in the position of CEO as follows: It is the intention of the parties that the successor of Mr. Lappalainen will start in the position of CEO of Orion in the beginning of 2023 at the latest. After the transition, Mr. Lappalainen will be at the disposal of the Board of Directors as advisor until the end of March 2023. After that he will retire. The Board of Directors has started a recruitment process for the successor of CEO.