Chief Executive Officer
Mr Jyri Luomakoski, MBA, born 1967, acts as President and CEO of the Company.
Assisted by the Executive Committee, the CEO is in charge of the Group's day-to-day management in accordance with the orders and instructions issued by the Board. It is the CEO's duty to ensure that the Group's accounting procedures comply with the applicable legislation and that the financial management is conducted in a reliable manner. The CEO is also the Chair of the Executive Committee.
In 2016, the base salary paid to the CEO, Mr Jyri Luomakoski totalled €422,490 in cash and €29,162 as fringe benefits, in total €451,652. The Company paid the CEO a total of €211,005 based on the short-term incentive plan for the year 2015. Based on the decision of the Board of Directors on 13 February 2017, the CEO was awarded a reward of €259,470 based on the short-term incentive plan 2016. In addition, based on the long-term incentive plan 2014-2016, he was awarded 2,862 shares to be transferred to his book-entry account, in connection with which a money transfer will be made to the tax authority that corresponds to the value of 3,258 shares as income tax and asset transfer tax.
Under the terms of the CEO's written service contract, the contract may be terminated at a six months' notice, either by the CEO or the Company. If the Company terminates the contract, it must pay the CEO, in addition to statutory compensation for the notice period, an amount equivalent to the fixed total salary paid for the 12 months preceding the termination. The Company may also terminate the agreement with immediate effect, by paying an indemnification equivalent to the CEO's fixed total salary for 18 months. Retirement age for the CEO will be determined in accordance with the Employees' Pensions Act (TyEL), however, both the Company and the CEO may require the CEO’s retirement at the age of 63 years. The company has also taken a defined contribution pension insurance for the CEO, to which the company annually pays €40,000. The Company has further concluded a pension arrangement based on a capitalisation agreement for the benefit of the CEO, to which the company annually pays €40,000. On 12 December 2016, the Board concluded to increase the payment based on the capitalisation agreement by €10,000 so that the company payment in 2017 will be €50,000.
President of Uponor Infra Oy and member of the Executive Committee, Mr Sebastian Bondestam acted in 2016 as the deputy to the managing director of the parent company. The company has taken a defined contribution pension plan for Mr Sebastian Bondestam, deputy to the managing director, according to which he shall be entitled to a contribution of 8,89% of the annual base salary including fringe benefits for the year 2016. The Board shall decide on the percentage of the defined contribution separately for each year.