Explore and follow profiles from this article to get timely updates:
UPM has appointed Joonas Rauramo executive vice president of UPM Energy and a member of the group executive team, effective October 1. He will report directly to CEO Massimo Reynaudo.
The appointment comes at a notable time for the company. In May, UPM agreed to place its Communication Papers business into a joint venture with Sappi. The business generated €2.5 billion in revenue in 2025, equivalent to roughly a quarter of UPM's €9.7 billion group sales.
While the transaction remains subject to regulatory approval, it ranks among the company's most significant recent portfolio decisions. Against that backdrop, UPM has chosen an executive whose career has been built in power generation, renewable energy development, and industrial decarbonization.
An energy executive joins the group executive team
Rauramo arrives with nearly two decades of experience in the energy sector.
Most recently, he served as chief executive officer of Coolbrook, the Finnish industrial decarbonization technology company. Before that, he spent 14 years at Fortum, where he held several leadership positions, including vice president, wind, and vice president, solar and wind development.
He also serves on the board of renewable energy developer Korkia and on the International Energy Agency's Technology and Innovation Advisory Board.
His academic background combines engineering and business. Rauramo holds a Master of Science in Technology from Helsinki University of Technology and a Master of Science in Economics from Aalto University School of Economics.
In announcing the appointment, Reynaudo highlighted Rauramo's experience in power generation, industrial decarbonization, energy markets, project financing, mergers and acquisitions, and global partnerships.
"These are capabilities that are increasingly critical as demand for reliable, emission-free electricity continues to grow and the energy system undergoes profound transformation," Reynaudo said.
The appointment also comes after a strong start to the year for UPM Energy. In its first-quarter results, UPM described the business as having delivered record first-quarter results, supported by high electricity consumption in Finland.
Leadership changes continue across UPM
Rauramo's appointment is the latest in a series of leadership changes across the company.
In September 2025, Tuija Suur-Hamari joined the management team as executive vice president of UPM Plywood. At the annual general meeting in April 2026, shareholders elected Magnus Groth and Piia Karhu to the board, while Piia-Noora Kauppi and Kim Wahl stepped down. Henrik Ehrnrooth was re-elected chair, and Martin à Porta became deputy chair.
Taken together, the changes amount to a meaningful refresh of UPM's leadership structure over the past year.
A company in transition
The leadership changes have coincided with broader changes across the business.
In May, UPM signed a definitive agreement to combine UPM Communication Papers with Sappi's European paper business in a 50/50 joint venture. The transaction would place a €2.5 billion revenue business into a separately financed company, with UPM receiving €475 million in cash proceeds, a €98 million shareholder loan receivable, and a 50% ownership stake in the new entity.
The agreement followed another major decision in the paper business. In October 2025, UPM closed paper machine 1 at its Kaukas mill, reducing coated mechanical paper capacity by 300,000 tonnes annually and affecting 220 positions.
Together, the moves reduce UPM's exposure to graphic paper, a market that has been shrinking across Europe for years.
UPM's first-quarter results offered another snapshot of the company's changing mix. Group sales declined 5.3% to €2.5 billion and comparable EBIT fell 5% to €274 million. Yet UPM Energy delivered record first-quarter results, UPM Biofuels reported strong performance, and UPM Adhesive Materials announced an investment in a new slitting and distribution terminal near New Delhi, India.
Rauramo arrives from a different part of the industrial economy. His career has been built around power generation, renewable energy development, and industrial decarbonization. At the same time that UPM is reshaping its portfolio, it has brought that experience into its top leadership team.
A €2.5 billion revenue business is heading into a joint venture. Paper capacity has been reduced by 300,000 tonnes annually. UPM Energy has reported record first-quarter results. Rauramo's appointment is the latest addition to a growing list of changes across the company.
Follow moves like this on the Listeds Executive Intelligence Platform.
Stay on the pulse, catch the signals
Subscribe to Listeds Leadership Intelligence Platform:
leader and company database access
email alerts
career, boards and interim opportunities