Stora Enso Appoints Former Ericsson Executive Sundstroem as CFO

Stora Enso Oyj (STERV), Europe’s largest papermaker, appointed Karl-Henrik Sundstroem, finance head at NXP Semiconductors NV (NXPI), to take over as chief financial officer.

“Karl-Henrik Sundstroem has proved to be a world-class CFO,” Stora Enso Chief Executive Officer Jouko Karvinen said in a statement today.

Sundstroem will take his new role at the Helsinki-based company on Aug. 1. He was previously CFO of Ericsson AB (ERICB), the largest maker of wireless networking equipment, and stepped down after the company surprised investors in October 2007 with third-quarter results that missed forecasts.

Stora Enso, which has assets in Latin America, may benefit from Sundstroem’s background in the region and in Australian operations at Ericsson. Sundstroem also headed Ericsson’s services business.

Stora Enso added Per Lyrvall, general counsel, and Lauri Peltola, head of global identity, to its group executive team, according to today’s statement.

To contact the reporter on this story: Diana ben-Aaron in Helsinki at dbenaaron1@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net

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