NOKIA, Finland — Hille Korhonen, president and CEO of Nokian Tyres P.L.C. since 2017, is stepping down and the company has reached outside its corporate ranks for her successor, Jukka Moisio, former president and CEO of global packaging company Huhtamäki Oyj.
Mr. Moisio's appointment is effective May 27.
During her three years as Nokian's top executive, Ms. Korhonen presided over an ambitious expansion program that has yielded a factory in the U.S. and a tire proving grounds in Spain, which collectively represent nearly $400 million in investments.
Ms. Korhonen, 59, did not comment publicly on her reasons for stepping down.
Mr. Moisio, 59, is described as having a "strong background" in leading international companies. He was Huhtamaki's top executive for 11 years (through April 2019) and prior to that was president and CEO of Ahlstrom Oyi for four years.
Nokian Chairman Jukka Hienonen said Mr. Moisio "has a proven record in successfully leading stock listed companies and company turnarounds, delivering strong financial performance and shareholder returns" and has the "experience and capabilities to lead the company to its next phase of development."
He also has a "deep understanding" of the markets in Central Europe and North America, Mr. Hienonen said, which are key growth markets for Nokian.
Mr. Moisio called Nokian a "great company with fantastic products, a valued brand and leading position in its home markets and a lot of opportunities for development. I look forward to working with the Nokian Tyres team, and creating future success together with our existing and new customers."