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|Lista||Large Cap Helsinki|
|Industri||Läkemedel & Handel|
STOCK EXCHANGE RELEASE – CHANGES BOARD/MANAGEMENT/AUDITORS
17 OCTOBER 2022 at 13.00 EEST
Changes in Orion Group Executive Management Board and new organisational structure as of 1 January 2023
The Orion Group is reforming its organisational structure to better reflect the development and growth of the company in line with its strategy. The new organisational structure is also reflected in changes to the Group Executive Management Board and its members' areas of responsibility. The new organisational structure and changes to the Executive Management Board will take effect from 1 January 2023. Orion's financial reporting will be changed to reflect the new organisational structure from the interim report 1–3/2023.
New organisational structure as of 1 January 2023
As of 1 January 2023, Orion Group will have five business divisions which are Innovative Medicines, Branded Products, Generics and Consumer Health, Animal Health and Fermion.
Innovative Medicines includes medicines with patent or other product protection. Branded Products includes Orion’s in-house developed legacy products with brand value that provides a competitive advantage. Generics and Consumer Health includes generic prescription medicines and self-care products. Animal Health includes proprietary and generic products for companion animals and livestock. Fermion is an integral part of Orion Group producing numerous active pharmaceutical ingredients for both Orion and for external customers.
Corporate Strategy and Program Management will start as a new group level function, responsible for Orion's strategy process, corporate program and information management. Other group level functions are Corporate Functions, Finance and Corporate Business Development, Global Operations and Research & Development.
"Orion's strategy and strategic growth target to reach EUR 1.5 billion in net sales by the end of 2025 remain unchanged. The main source of growth for Orion, which is focused on innovative medicines and therapies, are patent-protected medicines already on the market or in development. Orion's strong branded products such as the Easyhaler® product family and the Parkinson's medicines Stalevo® and Comtess® will continue to be an important cornerstone of our business, as will our growth-oriented Generics and Consumer Health business division. Medicines at different stages of their life cycle require very different investments and resources from the company. The market dynamics are also very different. The new organisational structure is clear and allows the business divisions to focus more on their strengths, respective markets and customers. This supports the company's strategy and the development and growth in line with the strategy. Orion is in strong shape, which creates an excellent foundation for building the company’s future," says Liisa Hurme, who will take over as President & CEO of Orion on 1 November 2022.
Changes in the Orion Executive Management Board
Satu Ahomäki, M.Sc. (Econ.), has been appointed Senior Vice President of the Generics and Consumer Health business division as of 1 January 2023.
Virve Laitinen, M.Sc. (Tech.), MBA, has been appointed Senior Vice President of the Corporate Strategy and Program Management group level function as of 1 January 2023. She will be responsible for Orion's strategy process, corporate program management and information management.
Niclas Lindstedt, M.Sc. (Chem. Eng.), EMBA, has been appointed Senior Vice President of the Animal Health business division and a new member of the Orion Group Executive Management Board as of 1 January 2023. He has worked for Orion since 2003 in sales and marketing management positions and has been Vice President, Animal Health since 2010.
Hao Pan, M.Sc. (International Business), has been appointed Senior Vice President of the Branded Products business division and a new member of the Orion Group Executive Management Board as of 1 January 2023. He has worked for Orion since 2002 in various sales and marketing management positions in Orion’s European sales organisation.
Outi Vaarala, PhD, MD, Professor, has been appointed Senior Vice President of the Innovative Medicines business division as of 1 January 2023. Vaarala will also continue in her role as Senior Vice President of Research & Development.
Orion Group Executive Management Board as of 1 January 2023
- Liisa Hurme, President and CEO
- Satu Ahomäki, Senior Vice President, Generics and Consumer Health
- Olli Huotari, Senior Vice President, Corporate Functions
- Juhani Kankaanpää, Senior Vice President, Global Operations, Fermion
- Jari Karlson, Chief Financial Officer
- Virve Laitinen, Senior Vice President, Corporate Strategy and Program Management
- Niclas Lindstedt, Senior Vice President, Animal Health
- Hao Pan, Senior Vice President, Branded Products
- Outi Vaarala, Senior Vice President, Innovative Medicines and Research & Development
The CVs of Niclas Lindstedt and Hao Pan, who will join Orion's Executive Management Board as new members on 1 January 2023, are attached to this release. The CV of Juhani Kankaanpää, who will start in his position and in Executive Management Board on 1 November 2022, was published in the stock exchange release of 20 September 2022. The CVs of the current members of Orion's Executive Management Board can be found on Orion's website at https://www.orion.fi/en/Orion-group/corporate-governance/ceo-and-executive-management-board/introductions-of-the-executive-management-board-members/.
Orion's financial reporting will change to reflect the new organisational structure from the interim report 1–3/2023. Annual reporting for 2022 will still follow the current organisational structure. As of the interim report 1-3/2023, Orion will continue to have one reporting segment, Pharmaceuticals, under which its operations are reported. Orion breaks down net sales by business division as before. Orion will publish comparative net sales figures for the new business divisions for 2022 later.
| Timo Lappalainen|
President and CEO
| Olli Huotari|
SVP, Corporate Functions
Liisa Hurme, SVP, Global Operations, Orion’s President and CEO as of 1 November 2022
tel. +358 10 426 2874
Contact person for media:
Terhi Ormio, Vice President, Communications
phone +358 50 966 4646, email@example.com
ANNEX: The CV of Niclas Lindstedt
Executive MBA, Helsinki School of Economics, 2008
Master of Science in Chemical Engineering, Åbo Akademi University, 1992
Career in Orion Corporation
2010– Vice President, Animal Health, Orion Corporation
2005–2010 Senior Vice President, Marketing and Sales, Fermion
2003–2005 Business Development Manager, Fermion
Before joining Orion, Niclas Lindstedt had several Sales, Marketing and Business roles and positions in DuPont de Nemours, Engineering Polymers.
Key positions of trust
2020– Board Member, Finnish Foundation of Veterinary Research
2016– Executive Board Member, Animal Health Europe
ANNEX: The CV of Hao Pan
Master of Science in International Business, University of London, Birkbeck College, 1999
Career in Orion Corporation
2017– Head of Region, Western Europe,
2014–2016 Head of Region, Western and Southern Europe
2009–2014 Head of Region, Western Europe
2006–2009 Head of Region, UK and Ireland
2005–2006 Country Manager, UK
2004–2005 Sales and Marketing Manager, UK
2003–2004 International Brand Manager, Hormonal and Urological Therapies
2002–2003 Senior Product Manager, Hormone Replacement Therapy, UK
Before joining Orion, Hao Pan worked in sales and marketing positions in Janssen-Cilag UK, Ferring Pharmaceuticals UK, and Coloplast UK specialising in therapy areas of Oncology, Neurology, Urology, and Wound Care.
Orion is a globally operating Finnish pharmaceutical company – a builder of well-being. Orion develops, manufactures and markets human and veterinary pharmaceuticals and active pharmaceutical ingredients. The company is continuously developing new drugs and treatment methods. The core therapy areas of Orion’s pharmaceutical R&D are oncology and pain. Orion’s net sales in 2021 amounted to EUR 1,041 million and the company had about 3,350 employees at the end of the year. Orion’s A and B shares are listed on Nasdaq Helsinki.