FINLAND: Altia Corp CEO severance deal sparks outcry
Altia Corp parted company with its CEO last week
A political party in Finland's Coalition has demanded that the Government intervene to block the severance package agreed with the recently-released CEO of Altia Corp.
Antti Pankakoski was released with immediate effect last week after the state-owned drinks company fell behind its financial targets. As part of the move, Pankakoski was awarded a package worth around EUR500,000 (US$677,115). The Left Alliance has condemned the amount.
The arrangement also sparked a quick reaction from Pekka Haavisto, the Minister responsible for the State Ownership Steering (SOS), which manages Finland’s state-owned companies. "These types of arrangements will no longer be tolerated,” said Haavisto. “There will be stricter limits.”
The Minister stopped short of intervening to block the severance payment.
Altia has begun a search for a new CEO. The company’s senior VP, Hannu Tuominen, will fill the post on an interim basis until the appointment is filled.
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