UPM-Kymmene Corporation Stock Exchange Release (Changes board/management/auditors)  March 16, 2026 at 09:00 EET

Changes in UPM's Group Executive Team

UPM CFO and EVP, UPM Energy Tapio Korpeinen to retire in 2027

UPM's Chief Financial Officer and Executive Vice President, UPM Energy Tapio Korpeinen has expressed his intent to retire from his positions and the UPM Group Executive Team at the end of 2026 after reaching his contractual retirement age and continue as Senior Advisor until mid-2027.

"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.

The company has initiated the succession plans, and will search for successors for both the Chief Financial Officer and Executive Vice President, UPM Energy positions separately.

Risto Penttinen appointed Executive Vice President, Transformation

Risto Penttinen has been appointed Executive Vice President, Transformation and member of the UPM's Group Executive Team as of April 13, 2026. He will report to Massimo Reynaudo, President and CEO.

"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.

Risto Penttinen, born 1968, has a master's degree in international business. He has worked in various senior management roles at Fortum and Uniper in 2011-2024, also as a member of Fortum's executive team. Prior to this, he worked as a consultant and partner at McKinsey & Company for 14 years. He currently works as an independent consultant.

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UPM is a material solutions company, renewing products and entire value chains with an extensive portfolio of renewable fibres, advanced materials, decarbonization solutions, and communication papers. Our performance in sustainability has been recognized by third parties, including EcoVadis and the Dow Jones Sustainability Indices. We operate globally and employ approximately 15,100 people worldwide, with annual sales of approximately €9.7 billion. Our shares are listed on Nasdaq Helsinki Ltd.
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