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Home BUSINESSOutokumpu CEO sacked
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Tue, 27 Oct, 2015 12:01:01 AM
FTimes – STT Report, Oct 27
 
Outokumpu CEO Mika Seitovirta. File Photo – Str / Lehtikuva.
Steel producer Outokumpu has fired its Chief Executive Officer Mika Seitovirta for his alleged failure to make the company profitable. 
 
The new CEO will be Roeland Baan and he will take over at the beginning of January. Seitovirta's job ended immediately.
 
Baan, a native of Holland, is at the moment CEO for the global aluminum company Aleris's Europe and Asian divisions. 
 
In the past, he has worked as CEO for the European division of steel giant Mittal Steel, as well as holding a number of managerial positions in the oil company Shell.
 
Chairman of the Outokumpu board of directors Jorma Ollila said that Baan has an extensive experience in the process industry, particularly the metal industry.
 
“He has turned several companies profitable again, which gives us a strong sense of confidence that he is the right person to step up and transform Outokumpu,” Ollila said in a release.
 
Seitovirta became the leader of the loss-generating company in April 2011. He was unable to reverse course for the company. 
 
His tenure as CEO was tarnished by, among other things, the unlucky acquisition of German stainless steel producer Inoxum from ThyssenKrupp.
 
Reinhard Florey will be Outokumpu's temporary CEO.
 
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