Posti CEO Heikki Malinen steps down

Posti Group CEO Heikki Malinen has resigned with effect from next month.

Malinen has been working as the president and CEO of Posti Group Corporation since 2012. He has informed the group’s Board of Directors of his decision of resignation effective from October 1, 2019, said a press release of Posti that operates the country’s postal and logistic services.

“When I was appointed as CEO, the owner gave me three objectives: ensure that Posti remains profitable, build new profitable growth businesses to safeguard the future of Posti Group and raise the firm to the level of a stock-listed company. All three objectives have been met. These years have included painful restructurings, but also great successes and brave renewal with the help of extremely competent employees. My deep gratitude goes out to them. Now I feel that it is the right moment to say thank you and make space for a new person at the helm of the company,” Malinen said justifying his decision and continued, “I wish the best of success to all Posti employees and my successor.”

The postal market in Finland has been subject to a major change and renewal due to rapid digitalisation and deregulation. During Malinen’s leadership, Posti Group has transformed from a traditional business delivering letters and publications to an international level logistics company.

Posti’s strategy has been to focus on its core businesses and growth areas, namely, parcel, ecommerce and logistics. In the January-June period of 2019, parcel and logistics together accounted for over 50% of Posti’s net sales.

“I feel sorry for the CEO’s personal decision. The board’s view is that Posti has been a well-run company during Heikki’s term and has developed into the right direction and the targets have been met. Our financial results and renewal show that Posti’s strategy has been right considering the radical change in the industry. I would like to thank Heikki for his extensive contribution in driving Posti’s renewal and wish him all the success in the coming years,” said Markku Pohjola, chairman of the Board of Directors of Posti Group Corporation.

Heikki Malinen will not receive any severance pay. He will receive the remuneration of six months’ termination notice period based on his CEO contract, reduced by two months’ salary in line with his earlier announcement.

The Board of Directors of Posti Group Corporation in the meantime has appointed Turkka Kuusisto, currently senior vice-president, Parcel and eCommerce, as interim president and CEO, starting October 1, 2019.

Kuusisto has been a member of the Group’s Leadership Team since 2016. A process to recruit a new CEO has started immediately.