Monday, March 16, 2026
UPM-Kymmene Corporation has announced significant changes to its Group Executive Team as the company prepares for the next phase of its strategic transformation. The announcement includes the retirement plans of long-serving Chief Financial Officer Tapio Korpeinen and the appointment of Risto Penttinen as Executive Vice President for Transformation.
The changes highlight UPM’s focus on leadership renewal and long-term strategic execution. The company continues to strengthen its global position in renewable materials and sustainable industrial solutions.
Tapio Korpeinen, Chief Financial Officer and Executive Vice President of UPM Energy, has confirmed his intention to retire from his roles at the end of 2026. His retirement aligns with the contractual retirement age defined by the company.
Korpeinen is also expected to continue supporting the company after stepping down from executive duties. A Senior Advisor role will be held by him until mid-2027. This arrangement is designed to ensure a smooth transition of leadership responsibilities.
Korpeinen has spent 22 years at UPM. During this period, he played a central role in shaping the company’s financial strategy. His work also supported the transformation of the business portfolio.
The executive has led several strategic initiatives within the energy segment. UPM Energy grew under his leadership while maintaining strong operational performance.
Massimo Reynaudo, President and Chief Executive Officer of UPM, acknowledged the executive’s long service and contribution.
Reynaudo stated that Korpeinen’s impact on the organisation has been significant. His leadership supported shareholder value creation and major strategic developments.
He also emphasised Korpeinen’s role in guiding financial discipline and growth. The company’s transformation journey benefited from his experience and strategic vision.
UPM has already started planning the leadership transition. The company confirmed that the search for successors has begun.
Two separate roles will be filled. One appointment will be for the Chief Financial Officer position. Another appointment will lead the UPM Energy business.
The recruitment process will consider internal and external candidates. Final decisions will be announced at a later stage.
The leadership transition is expected to be completed before Korpeinen formally retires. Continuity in financial governance remains a key priority.
UPM has also announced the appointment of Risto Penttinen as Executive Vice President, Transformation. The role will take effect on 13 April 2026.
Penttinen will join the company’s Group Executive Team. He will report directly to CEO Massimo Reynaudo.
The new position has been created to support UPM’s evolving strategy. The company is entering a new stage of transformation as it adapts to changing global markets.
Strategic initiatives are currently reshaping the organisation. Leadership expertise is therefore required to guide complex transformation programmes.
Penttinen brings extensive experience in strategy development and organisational change. His background includes leadership positions in the energy and consulting sectors.
Between 2011 and 2024, he held senior management roles at Fortum and Uniper. During this period, he also served as a member of Fortum’s executive team.
Earlier in his career, Penttinen worked for 14 years at McKinsey & Company. He served as both consultant and partner during his time there.
More recently, he has worked as an independent consultant focusing on strategic transformation.
Reynaudo noted that Penttinen’s expertise aligns closely with UPM’s current priorities. His knowledge of corporate strategy and organisational change was highlighted as key strengths.
The new transformation role has been designed to support long-term competitiveness. It will help guide large-scale strategic initiatives across the organisation.
UPM continues to position itself as a global material solutions company. Its portfolio spans renewable fibres, advanced materials, decarbonisation technologies and communication papers.
The company is recognised for its sustainability performance. External assessments have been carried out by organisations such as EcoVadis and the Dow Jones Sustainability Indices.
UPM operates internationally with a workforce of approximately 15,100 employees. Its global operations support customers across multiple industrial sectors.
Annual sales have reached roughly €9.7 billion. The company’s shares are publicly traded on Nasdaq Helsinki Ltd..
The leadership changes are expected to strengthen the company’s strategic direction. They also reflect UPM’s commitment to long-term transformation and sustainable industrial growth.
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Tags: corporate transformation leadership, Risto Penttinen, Tapio Korpeinen, UPM, UPM Energy leadership, UPM executive team, woodworking industry, woodworking UK
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