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.