September 25, 2019 / 7:58 AM / 23 days ago

Finland's Stora Enso names Bresky as CEO, to lead overhaul

FILE PHOTO: The Stora Enso company logo is seen near a packaging mill in Riga, Latvia September 18, 2012. REUTERS/Ints Kalnins

(Reuters) - Annica Bresky will become chief executive of Finnish pulp, paper and packaging board maker Stora Enso Oyj (STERV.HE) from December, taking over from Karl-Henrik Sundstrom.

Bresky, 44, said on Wednesday that her main focus areas will be delivering an ongoing profit protection programme and the revamp of Stora Enso’s Oulu site.

Stora had flagged the departure of Sundstrom, who will turn 60 next year, in August.

“She has a proven track record of driving growth and operational excellence and has a strong focus on customers and innovations,” Jorma Eloranta, head of Stora Enso’s board, said of Bresky, who has led Stora’s Consumer Board division, one of its main business units, since 2017.

“She is well equipped to lead the transformation of our sustainable renewable materials company,” Eloranta said.

Stora Enso warned of slowing demand in many markets in July and raised its cost-cutting target to 200 million euros (£176.44 million) from an originally planned 120 million. It also said 60 million of the savings had already been achieved.

In May, Stora Enso said it will invest 350 million euros at its Oulu mill to boost output of packaging board and reduce glossy magazine paper production.

Reporting by Tarmo Virki in Tallinn; Editing by Alexander Smith

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