Monday 3/8/21

Posti appointed new CEO with a salary of 37,500 euros per month

Turkka Kuusisto held the position of interim CEO since the resignation of Heikki Malinen in October 2019. Malinen resigned in the middle of an industrial action against wage-cuts, shortly after it was published that in 2018 he earned 82,500 euros per month.

Turkka Kuusisto
Turkka Kuusisto. Photo: Posti Group Corporation.

The Board of Directors of Posti Group Corporation has appointed Turkka Kuusisto as President and CEO of Posti Group Corporation, the group informed in a press release.

According to the Posti website, Kuusisto will receive a fixed salary of 37,500 euros per month, which includes fringe benefits (such as car, meal and mobile phone benefits) as per the company policy. In addition, the President and CEO is entitled to medical expense, risk and life insurance.

Besides, Kuusisto is included in the short-term bonus and long-term incentive schemes. The maximum amount of the annual variable bonuses based on set targets can be at most 50% of the fixed yearly salary of the recipient of the remuneration. If the performance of the company and the recipient is exceptionally good, the maximum amount of the annual bonuses payable can be at most 120% of the fixed yearly salary.

Previous CEO resigned in October

Kuusisto has served as a member of the Group’s Leadership Team since 2016 and he has been the interim President and CEO of Posti since October 1, 2019, when the former CEO, Heikki Malinen resigned after seven years on the position.

His resignation came after the first or the two strikes that Posti workers had last year. Finns got outraged when it was published that in 2018 Malinen earned almost 990,000 euros in wages, bonuses and incentives and his earnings had increased by 48% since 2016. This accounted for a monthly income of around 82,500 euros.