President and CEO Pasi Laine to resign from Valmet during 2024

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Aug 18, 2023, 05:57 ET

ESPOO, Finland, Aug. 18, 2023 /PRNewswire/ -- Valmet's Board of Directors has accepted the resignation of Valmet's President and CEO Pasi Laine and related terms and conditions. Pasi Laine will continue as the President and CEO of Valmet until the end of September 2024. The Board of Directors has initiated the search for a successor.

"During the last ten years we at Valmet have achieved a lot together. We have created a strong global organization with a forward-oriented culture that has enabled the company to grow both organically and through well-considered mergers and acquisitions, and consistently improve the company's profitability. The culture is based on our endeavor for renewal and continuous improvement, and on close collaboration within Valmet and with our global customers. Thanks to the committed work by all Valmet people, customers around the world value Valmet as their trusted partner with a unique offering and sustainable business practices. It has been an honor to lead Valmet and to work with all the great people in the company since 2013.

Now, after being the CEO of Valmet for about ten years and a Valmeteer for 33 years, it is time for my future successor to continue the work with our renewed Executive Team. I will naturally continue to fully focus on our work to consistently improve Valmet's financial performance towards the set targets and serve our customers," says Pasi Laine, President and CEO, Valmet.

"Pasi Laine has competently guided and developed Valmet through an exceptional period of growth, firmly positioning Valmet as the world's leading developer and supplier of technologies, services and automation for the pulp, paper and energy industries. Under Pasi's leadership, the company has consistently developed its profitability and stable business portfolio. The Board holds immense respect for these achievements, and we gratefully thank Pasi for his contribution in developing Valmet into a strong and unique company.

Valmet has a solid foundation to continue and further strengthen its excellent performance path also in the future. It has both organic and further acquisition growth opportunities in its automation, services and process technology businesses", says Mikael Mäkinen, Chairman of the Board, Valmet.

Valmet Oyj
Board of Directors

For more information:

Anu Salonsaari-Posti, SVP, Communications and marketing, tel. +358 50 453 4262

DISTRIBUTION:
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www.valmet.com

Valmet is a leading global developer and supplier of process technologies, automation and services for the pulp, paper and energy industries. With our automation systems and flow control solutions, we serve an even wider base of process industries. Our 17,500 professionals around the world work close to our customers and are committed to moving our customers' performance forward - every day.

The company has over 220 years of industrial history and a strong track record in continuous improvement and renewal. In 2022, a major milestone was achieved when the flow control company Neles was merged into Valmet. Valmet's net sales in 2022 were approximately EUR 5.1 billion.

Valmet's shares are listed on the Nasdaq Helsinki, and the head office is in Espoo, Finland.