UPDATE 2-Stora Enso boss to resign after strong first quarter

miércoles 23 de abril de 2014 10:00 GYT
 

* Says CEO Karvinen to leave during 2014

* Q1 adjusted EBIT 181 mln euros vs 166 mln in poll

* Uruguay pulp mill ready for start-up, awaits permits (Adds CEO comments, updates shares)

By Jussi Rosendahl and Sakari Suoninen

HELSINKI, April 23 (Reuters) - Finnish pulp and paper maker Stora Enso said CEO Jouko Karvinen, who has closed mills and cut jobs to help the firm cope with a drop in demand, would resign later this year.

Since taking the helm in 2007, Karvinen has been restructuring Stora Enso to help it adjust to a decline in demand for paper in Europe as consumers shift from magazines and newspapers to online reading.

The firm reported better-than-expected quarterly results on Wednesday as its latest cost cuts helped to boost profitability. Its packaging arm in particular performed better than expected, accounting for half the profit and beating analyst expectations.

"We had a rock-solid quarter, and we're working hard on many more to come," Karvinen told analysts. "It is good that there will be new thinking, new views," he added.

Karvinen, previously the CEO of Philips Medical Systems in the United States, did not elaborate on why he was leaving, but said the decision was voluntary and there had been no disagreement on strategy between management and the board.   Continuación...