Fortum has appointed its current chief financial officer Markus Rauramo as its chief executive and president starting as of 1 July 2020.

He has pledged to turn the Finnish utility – including its massive fossil generation fleet in Russia and coal-heavy German subsidiary Uniper - into a European energy transition champion.

Rauramo will replace exiting CEO Pekka Lundmark, who was appointed CEO at Nokia, while Timo Karttinen will be acting CFO for an interim period.

“The energy transition has to be based on the three cornerstones of sustainability, affordability and security of supply.