According to the agreement on the position of President and CEO of Orion Corporation (”Orion”), the retirement age of Timo Lappalainen is 60 years. Mr. Lappalainen will turn 60 in October 2022.
Timo Lappalainen has informed the Board of Directors of Orion that he will utilize the possibility to retire at the age of 60.
The Board of Directors of Orion and Timo Lappalainen have agreed on the time schedule for the transition in the position of President and CEO as follows:
It is the intention of the parties that the successor of Mr. Lappalainen will start in the position of President and CEO of Orion in the beginning of 2023 at the latest. After the transition, Mr. Lappalainen will be at the disposal of the Board of Directors as advisor until the end of March 2023. After that he will retire.
The Board of Directors has started a recruitment process for the successor of President and CEO.
Mikael Silvennoinen Olli Huotari
Chairman of the Board of Directors Senior Vice President, Corporate Functions
Chairman of the Board of Directors Mikael Silvennoinen
tel: +358 501 537
Orionintie 1A, FI-02200 Espoo, Finland
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 neurological disorders, oncology and respiratory diseases for which Orion develops inhaled pulmonary medication. Orion's net sales in 2020 amounted to EUR 1,078 million and the company had about 3,300 employees at the end of the year. Orion's A and B shares are listed on Nasdaq Helsinki.