Finland’s Fortum reorganises

24 February 2016

Finnish utility Fortum will operate under a new business structure from 1 April. It will have three business divisions: Generation, City Solutions and Russia. divisions - Generation, City Solutions and Russia. In addition, two development units focusing on growing new businesses are to be established - one focused on mergers & acquisitions and solar & wind development, and the other on technology and new ventures. The Generation division will be responsible for large-scale power production including nuclear, hydro and thermal power production. The division will be headed by Tiina Tuomela, currently executive vice-president of the Nuclear and Thermal Power division. Fortum owns the Loviisa NPP in Finland and has shares in the Olkiluoto NPP as well as in the, Forsmark and Oskarshamn NPPs in Sweden.

The new organisation will have four staff functions: Finance; Legal; Strategy, People and Performance as well as Corporate Affairs and Communications. Contrary to the current organisation, there will not be a Chief Operating Officer role in the new structure, and the business divisions and development units will report directly to the President and CEO. The current Chief Operating Officer will be appointed Deputy CEO to support the President and CEO in implementing the new vision and strategy.

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