Stora Enso CEO to step down in 2020
By P&PC Staff
By P&PC Staff
Karl-Henrik Sundström, the CEO of Finnish pulp, paper and packaging company Stora Enso, will step down from his position in the first quarter of 2020.
The board of directors has begun searching for a replacement.
“Under Karl-Henrik Sundström’s leadership and vision, Stora Enso has accelerated the transformation into the bioeconomy. He has played a crucial role in developing Stora Enso into the renewable materials company, successfully driving towards sustainable profitable growth,” says Jorma Eloranta, chair of the board, in a release. “Under Karl-Henrik’s tenure, Stora Enso has become a global leader in sustainability.”
Sundström joined Stora Enso in 2012 as CFO and took on the role as divisional head of the paper and wood products businesses in 2013. He assumed the role of CEO of Stora Enso in August 2014.
“I have been very proud to work together with the talented Stora Enso teams and our dedicated customers, on renewable, recyclable and fossil-free solutions,” says Sundström. “As I am turning 60 next year, it is now time for me to hand on the torch to a successor who will continue to lead our journey.”
According to News Now Finland, the company announced plans to cut 400 of the 600 jobs at its mill in Oulu, Finland earlier this year alongside a EUR 350 million investment in new automated production equipment. Stora Enso’s revenue was down two per cent in the second quarter of 2019.
Stora Enso is a global provider of renewable solutions in packaging, biomaterials, wooden constructions and paper, with 26,000 employees in over 30 countries. Sales in 2018 were EUR 10.5 billion.