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Ilmarinen’s CEO to steer company through Etera merger before quitting

Finland’s biggest financial group has poached Ilmarinen’s CEO Timo Ritakallio just as the pensions insurance company begins the work of a major corporate transformation. Sportsman Ritakallio couldn’t resist the challenge when he was approached earlier this year by headhunters for OP Group. But how will the organisation he leaves behind fare without him?

Timo Ritakallio | Photo: PR

Less than three months after Ilmarinen, the second largest of Finland’s huge pensions insurance companies, announced plans to merge with its smaller rival Etera, it has been revealed that Ilmarinen’s Chief Executive Timo Ritakallio is leaving the company.

When news first broke of the forthcoming merger, Ilmarinen said Ritakallio would continue as the Chief Executive of the merged company when the link up completed in January, with Etera Chief Executive Stefan Björkman to take on the role of his deputy.

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