Finnair CEO Pekka Vauramo will move to the same post at gearmaker Metso by November. The search for his replacement began on Monday. He has led the flag carrier since mid-2013.
According to Metso chair Mikael Lilius, "Vauramo has a proven track record in leading businesses facing competitive global markets, and he has long and extensive experience in the mining industry and in an international business environment."
The job at Metso represents a return to the engineering sector for Vauramo, who has previously worked for Sandvik and Cargotec.
"I am familiar with Metso's operating environment thanks to my long background in the industry, and therefore I find the opportunity to start leading Metso an attractive one," says Vauramo.
Metso hopes for a period of stability after the surprise departure of its last CEO, the Belgian Nico Delvaux, who defected to lock-maker Assa Abloy after less than a year in his post.
Metso makes grinding mills and crushers for the mining industry as well as valves and pumps for the oil and gas sector. Metso and Finnair are both majority state-owned.
330% share boost
The investment daily Arvopaperi points out that Finnair’s share price has risen by more than 330 percent during Vauramo’s tenure. However some of the airline’s improved profitability that is attributable to cost-cutting and investment decisions by his predecessors, as well as lower fuel costs.
“During the past few years, Finnair’s people have achieved a remarkable transformation and have turned Finnair into a growth company. We all at Finnair, including the board, will now continue this extensive journey of transformation,” says Finnair chair Jouko Karvinen.
In late 2014, Finnair said it had managed to cut annual spending by 217 million euros. At the same time it began to focus on its Asian routes and Helsinki’s favourable location as a transfer point.
