Fortum Management Team and operational organisation
The President and CEO is supported by the Fortum Management Team. The Fortum Management Team assists the President and CEO in setting the strategic and sustainability targets within the framework approved by the Board of Directors, preparing the Group's business plans, and deciding on investments, mergers, acquisitions and divestments within its authorisation.
Financial results are monitored in the monthly reporting and reviewed monthly by the Fortum Management Team. Quarterly Performance Review meetings with the Fortum Management Team and the divisions' management are embedded in the Fortum Performance Management process.
Each member of the Fortum Management Team is responsible for the day-to-day operations and the implementation of operational decisions in their
respective organisations. The Fortum Management Team meets on a monthly basis. On 31 December 2013, the Fortum Management Team consisted of nine members, including the President and CEO to whom the members of the Management Team report. Two of the members were female.
Fortum's four divisions are:
- Power Division, focusing on power generation, power trading and power capacity development as well as on expert services for power producers.
- Heat Division focusing on combined heat and power generation, district heating and cooling activities as well as on business-to-business heating solutions.
- Russia Division focusing on power and heat generation and sales in Russia. It includes OAO Fortum and Fortum’s 25% holding in TGC-1.
- Electricity Solutions and Distribution Division focusing on Fortum’s electricity sales and distribution activities; it consists of two business areas: Distribution and Electricity Sales.
Fortum's Staff functions are Finance, Human Resources, IT and Business Process Management, R&D and Innovation, Communications, Corporate Relations, Strategy and M&A and Sustainability.
The Fortum Management Team on 31 December 2013
- Tapio Kuula, President and CEO, Chairman of the Fortum Management Team
Born 1957, MSc (Eng), MSc (Econ)
- Helena Aatinen, Senior Vice President, Corporate Communications
Born 1959, MSc (Econ)
- Alexander Chuvaev, Executive Vice President, Russia Division
Born 1960, MSc (Eng)
- Mikael Frisk, Senior Vice President, Corporate Human Resources
Born 1961, MSc (Econ)
- Timo Karttinen, Executive Vice President, Electricity Solutions and Distribution Division
Born 1965, MSc (Eng)
- Per Langer, Executive Vice President, Heat Division
Born 1969, MSc (Econ)
- Markus Rauramo, Chief Financial Officer
Born 1968, MSc (Econ and Pol. Hist.)
- Matti Ruotsala, Executive Vice President, Power Division
Born 1956, MSc (Eng)
- Kaarina Ståhlberg, General Counsel
Born 1966, LL.M. (Helsinki), LL.M. (Columbia University, New York)
Fortum's financial reporting structure 31 December 2013
Changes in the business structure as of 1 March 2014
In February, Fortum announced that it will renew its business structure as of 1 March 2014. The target of the reorganisation is to strengthen Fortum's capability to execute the company's strategy in the fast developing operating environment. Fortum will report its 2014 first quarter financial results according to the new structure.
The new structure will consist of four reporting segments and staff functions. The four segments are Heat, Electricity Sales and Solutions, Power and Technology , Russia and Distribution. The staff functions are Finance, Strategy, Mergers and Acquisitions, Legal, Human Resources and IT, Communications and Corporate Relations.
Matti Ruotsala is appointed Chief Operating Officer (COO) and will act as deputy to the CEO. Fortum's new CFO will be Timo Karttinen, who will also head the Distribution Division. Markus Rauramo will continue in a new role as Executive Vice President, Heat, Electricity Sales and Solutions, Per Langer as Executive Vice President, Hydro Power and Technology and Alexander Chuvaev as Executive Vice President, Russia.
New Executive Management members are Tiina Tuomela, Executive Vice President, Nuclear and Thermal Power; Kari Kautinen, Senior Vice President, Strategy, Mergers and Acquisitions and Esa Hyvärinen, Senior Vice President, Corporate Relations.