HELSINKI (News release) -- Karl-Henrik Sundström has informed Stora Enso's Board of Directors that he is leaving the position of CEO. The Board has initiated the search process for a successor.

Karl-Henrik Sundström will continue in his current role for the time being and will leave Stora Enso during the first quarter of 2020. The exact date will be communicated once a successor is in place.

"Under Karl-Henrik Sundström's leadership and vision, Stora Enso has accelerated the transformation into the bioeconomy. He has played a crucial role in developing Stora Enso into the renewable materials company, successfully driving towards sustainable profitable growth. Under Karl-Henrik's tenure, Stora Enso has become a global leader in sustainability. The company's leading innovation agenda reflects that sustainable solutions can replace fossil-based materials and contribute to combatting global warming," says Jorma Eloranta, Chair of the Board.

Karl-Henrik Sundström joined Stora Enso in 2012 as CFO and took on the role as divisional head of the Paper and Wood Products businesses in 2013. He assumed the role of CEO of Stora Enso in August 2014.

"I have enjoyed my time with Stora Enso tremendously, we are on an exciting journey. In a time where awareness of sustainability is becoming more and more important to businesses and communities around the globe, we are looking forward to our next 1 000 years. I have been very proud to work together with the talented Stora Enso teams and our dedicated customers, on renewable, recyclable and fossil-free solutions. As I am turning 60 next year, it is now time for me to hand on the torch to a successor who will continue to lead our journey," says Stora Enso's CEO Karl-Henrik Sundström.