Timo Ritakallio made OP bank new President

The Supervisory Board of OP Financial Group's central cooperative on Wednesday appointed Timo Ritakallio as the new President and Group Executive Chairman.

Ritakallio will take over the charge in March 2018 after Reijo Karhinen, who has served as OP Financial Group's President and Group Executive Chairman since 2007 will retire in January 2018, said a press release.

Timo Ritakallio is working at Ilmarinen Mutual Pension Insurance Company as President and CEO since 2015.

“Timo Ritakallio will bring an enormous amount of the expertise and insight that will disappear in OP Financial Group's management when Reijo Karhinen, who has headed OP Financial Group with distinction for the last decade, retires,” said Jaakko Pehkonen, Chair of the Supervisory Board.

“OP Financial Group has shown excellent performance during the last few years and has a solid financial standing. The financial sector is undergoing a drastic transformation and OP Financial Group is transforming to a more diversified services provider as a result of its strategy. I am eager yet humble to take up my duties as President and Group Executive Chairman while recognising the challenges that we will together with personnel face in the years to come,” said Timo Ritakallio.

Tony Vepsäläinen, Deputy to President and Group Executive Chairman and Vice Chair of the Executive Board, will act as President and Group Executive Chairman between the time when Karhinen retires and the time when Timo Ritakallio takes over, the press release added.