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Timo Peltola to Step Down as CEO of Huhtamaki

Published on 2004-03-25. Author : SpecialChem

Mr. Timo Peltola (58), chief executive of the Finnish packaging company Huhtamaki Oyj, has expressed his intent to withdraw from the CEO position during the current year. Mr. Peltola has served the company for 33 years, almost half of which time as CEO. He intends to continue as a Board member, pending re-election by the AGM.

Consenting to Mr. Peltola's wish, the company's Board of Directors has asked him to continue in his position until a new chief executive has been recruited and instated. Mr. Veli Sundbäck, Chairman of the Board, expects the process to be completed during this year.

"I have headed the company for 16 years and it's time to pass on the responsibility to the next generation," Mr. Peltola comments. "This period includes Huhtamaki's structural transformation from a conglomerate to a leading worldwide packaging group. The work has been challenging but also rewarding."

"Timo Peltola still has energy to share, but we understand his motives and respect his desire to step down after an exceptionally long and intense tenure as CEO. His experience and strategic eye will continue to benefit the company in full through his Board membership," Chairman Sundbäck points out.

Mr. Timo Peltola, Tel. +358-9-6868 8388

Background information

Dr. (H.C.) Timo Peltola joined Huhtamaki in 1971 after graduation from Turku Business School and two years with Finnish Unilever. During his career, he has headed Huhtamaki's original packaging division (then known as Polarpak), as well as the Group's food processing and packaging businesses. He was appointed CEO in 1988, officially assuming the position the following year. Mr. Peltola is Huhtamaki's fourth chief executive since the company was founded in 1920, succeeding Heikki Huhtamäki (1920-1952), Erkki Partanen (1952-75) and Asko Tarkka (1975-89).

Under Timo Peltola, Huhtamaki has accomplished an extensive structural change from a domestic conglomerate into a leading worldwide manufacturer of consumer packaging. The process has involved almost 200 corporate transactions. Less than 10% of today's Huhtamaki was part of the Group when Peltola took over as CEO in 1989. Drawing on his long exposure to international competition, Peltola has often urged the Finnish society to ensure a level playing field for Finnish companies through e.g. tax reforms. Yet, Huhtamaki (with EUR 2.1 billion of sales revenue in 2003) retains its domicile in Finland even if 98% of the company's activity is outside the country

Mr. Peltola holds important trustee positions within the Finnish manufacturing, banking and insurance industries.

Source: Huhtamaki

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