September 4, 2008

Neste Oil Appoints New President and CEO

Neste Oil, engaged in the refining and marketing of oil, has appointed Matti Lievonen as the new president and CEO. Mr Lievonen will join his new role on December 1, 2008.

Neste Oil's current president and CEO, Risto Rinne, will leave his position for health reasons and will retire on October 1, 2008. Deputy CEO Jarmo Honkamaa will handle the duties of president and CEO until Mr Lievonen takes over.

Mr Lievonen comes to Neste Oil from UPM-Kymmene, where he has been president of the fine and specialty papers division since 2004. Mr Lievonen has served in a number of senior positions at UPM since joining the company in 1986, and was with ABB earlier.

Timo Peltola, chairman of Neste Oil, said: "Matti Lievonen's wide-ranging business experience, process industry knowledge, and ability to deal with challenging change management issues make him an excellent choice for leading Neste Oil as it continues to move ahead with its growth strategy."