Stock exchange release
16 Dec. 2008 9.30 EET
Jyri Luomakoski appointed President and CEO of Uponor
Uponor Corporation's Board of Directors has today appointed CFO and Deputy CEO
Jyri Luomakoski, MBA, President and CEO of the Uponor Group and its parent
company. Luomakoski (41) has acted as CEO on an interim basis since 27 Oct.
2008, when the previous CEO Jan Lång left the company.
Jyri Luomakoski has served Uponor since 1996, most recently as CFO and Deputy
CEO. For more than 4 years, he has also been responsible for the company's
municipal business in North and South America as well as in the UK and Ireland.
Uponor's Board initiated the search for a new CEO, assisted by an external
consultant, in August, when the previous CEO announced his resignation. The
extensive search covered both internal and external candidates.
Chairman of the Board, Jari Paasikivi comments:
- We weighed between several strong candidates with a diverse background and
experiences, and reached a unanimous decision. Jyri Luomakoski's international
management experience spans over a period of 20 years. He has served Uponor
during the past two CEOs, and has gained a versatile experience from the
company's business during its different phases.
- Jyri has a broad network of contacts in the different stakeholder groups of
the company. Moreover, he has a firm support within the Board as well as
amongst his colleagues. This gives him a good platform to bring the company
forward during these challenging times.
- As an additional bonus, we noted the fact that Jyri is centrally involved in
current development initiatives of the company, which naturally makes it
possible to continue with the renewal of the company and its development
Jyri Luomakoski will, for the time being, also continue as CFO. Changes in the
Finance and Administration function management will be announced separately.
Board of Directors
Further information from:
Jari Paasikivi, Chairman of the Board
Tel +358 500 530 375
* * * * *
Jyri Luomakoski's public insider register can be reached through the Uponor
website, at www.uponor.com > About us > Administration.
Jyri Luomakoski's CV and picture is available at the Uponor website, at
www.uponor.com > News and publications > Press.
Vice President, Communications
Tel +358 20 129 2852
NASDAQ OMX Helsinki
Uponor is a leading supplier of plumbing and heating systems for the residential
and commercial building markets across Europe and North America, and a market
leader in municipal infrastructure pipe systems in the Nordic countries.
Uponor's key applications include indoor climate and plumbing systems. The
Group employs 4,000 persons in 27 countries. In 2007, Uponor's net sales (pro
forma) totalled 1,050 million euros. Uponor Corporation is listed on the NASDAQ
OMX Helsinki Ltd., Finland. Http://www.uponor.com