President and CEO
The President and CEO holds the position of Managing Director under the Companies Act and is the Chairman of the Fortum Executive Management Team. The President and CEO is in charge of the day-to-day management of the Group, in accordance with the Companies Act and with instructions and orders issued by the Board of Directors. Under the Companies Act, the President and CEO is responsible for ensuring that the accounts of the company comply with the applicable laws and that its financial affairs have been arranged in a reliable manner.
Tapio Kuula has served as the President and CEO since May 2009. On 18 December 2014, Mr. Kuula started sick leave. Mr Timo Karttinen, CFO of Fortum Corporation, assumed responsibility for the duties of the President and CEO during Tapio Kuula's sick leave. On 22 January 2015 Fortum announced that Tapio Kuula will retire on disability starting 1 February 2015. Timo Karttinen continues to assume responsibility for the duties of the President and CEO as an interim President and CEO until the nomination of the new President and CEO.
The performance of the President and CEO is evaluated by the Board of Directors. The evaluation is based on objective criteria that include the performance of the company and the achievement of targets set by the Board of Directors in advance.