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UPM CFO Tapio Korpeinen to retire; Risto Penttinen to join as EVP, transformation

Mar 16, 2026

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UPM-Kymmene Oyj

UPM-Kymmene, Tapio Korpeinen

UPM-Kymmene Corporation announced today that CFO Tapio Korpeinen will retire this year, while Risto Penttinen, currently an independent consultant and former Fortum executive team member, will join the pulp producer as executive vice president, transformation, on April 13, 2026.

Penttinen will become a member of the company’s group executive team, reporting to President and CEO Massimo Reynaudo. UPM said the newly created role is intended to support the company’s next phase of strategic transformation.

“Risto’s broad experience and in-depth expertise in strategy, organizational change and transformation is a perfect fit for this role,” Reynaudo said. Penttinen, born in 1968, holds a master’s degree in international business and held senior leadership roles at Fortum and Uniper between 2011 and 2024, including serving on Fortum’s executive team. Earlier, he spent 14 years as a consultant and partner at McKinsey & Company.

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In a separate leadership change, Tapio Korpeinen, chief financial officer and EVP, UPM Energy, plans to retire from his positions and the group executive team at the end of 2026 after reaching his contractual retirement age. He will continue as senior advisor until mid-2027 while the company conducts separate searches for successors to the CFO and EVP, UPM Energy roles.

UPM is a Finland-based material solutions company focused on renewable fibres, advanced materials, and decarbonization solutions.

Authors

Emmi Laine

Emmi Laine is head of business content at Listeds and our lead for finance and business coverage. She sets the editorial agenda, interviews Nordic business leaders, and writes stories, newsletters, and social content on timely market and corporate topics. Emmi brings nearly eight years of experience from Shanghai's Yicai Global / Yicai Media Group, where she was awarded for reporting on China’s economy, finance sector, and technology innovation. She holds an MSc in Innovation and Entrepreneurship from ESADE Business School in Barcelona and a Master’s degree in International Design Business Management from Aalto University. She also holds a Bachelor’s degree in Culture Studies with a major in Journalism from Stockholm University and has studied Mandarin Chinese and Chinese culture. Emmi is a Finnish citizen and has lived in Finland, Sweden, China, and Portugal.