UPM-Kymmene Oyj announced appointment of Massimo Reynaudo as President as of 1 January 2024. Jussi Pesonen will continue as the President until 31 December 2023, after which he will work as an advisor to the Company and its management until he will retire from UPM on 30 April, 2024. Massimo Reynaudo has been with UPM since 2017.

Reynaudo is an Italian citizen and was born in 1969. He is currently Executive Vice President, UPM Communication Papers. Prior to that, he served as Senior Vice President of UPM Raflatac from 2017 to 2021.

Earlier in his career, between 1995 and 2017, he held several senior positions at Kimberly-Clark Corporation. He has a master?s degree in engineering from Politecnico di Torino and additional studies in business administration and management. Massimo has an excellent international background and a very solid track record at UPM as an engaging change leader.

Both in UPM Raflatac and in UPM Communication Papers, he has driven positive change of the businesses, renewed the commercial strategy and built high-performing teams to improve the performance of each business. He has a clear vision of how to continue value creation through UPM?s Biofore strategy. Jussi Pesonen will retire from UPM after 37 years of service.

Jussi has had a long and successful tenure as the President and CEO, almost 20 years. He took over a traditional, Finland-focused printing paper company and transformed it to an innovative, renewable materials company with international growth. As Massimo now takes over the leadership of the company, it has a competitive and agile operating model, effective capital allocation principles, strong leadership culture, and a proven leadership position in sustainability.

With Massimo Reynaudo taking over as the President and CEO, UPM will initiate the process for selecting Executive Vice President, Communication Papers.