June 24, 2020 / 7:48 AM / 17 days ago

Finnish utility Fortum names new CEO to integrate Uniper

HELSINKI, June 24 (Reuters) - Fortum named Chief Financial Officer Markus Rauramo as its new chief executive on Tuesday as Finland’s top utility seeks to integrate Uniper after securing a majority stake in its former German rival following a two-year struggle.

Rauramo, who joined state-controlled Fortum eight years ago, replaces Pekka Lundmark after working closely with the outgoing CEO to overcome Uniper management’s initial resistance to a takeover. Fortum boosted its Uniper stake to 73.4% in May.

The Finnish company has said it will not squeeze out Uniper’s minority stakeholders until the end of 2021.

Fortum Chairman Matti Lievonen said Rauramo “will develop and execute a joint strategy for Fortum and Uniper on their journey towards becoming a European energy transition champion.”

Rauramo said the group would continue reducing coal-fired energy production and pursue renewable sources. He said the company would rely on gas-fired power during the transition.

Rauramo has been the vice chairman of Uniper’s supervisory board for two years. Prior to joining Fortum, he worked for the Finnish forest industry company Stora Enso.

Reporting by Anne Kauranen; Editing by Edmund Blair

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