Magnus Rosén is resigning from Ramirent and will leave the company by the end of August. His successor as president and CEO will be Tapio Kolunsarka, aged 40, a senior executive at self-adhesive labelling company UPM Raflatac.

Mr Rosén, who joined Ramirent in 2009, said that after "seven interesting years, I feel this is a good time to move on with my career."

He said he had led the company through different market environments "while building a common business platform, reducing the operational risk level in the Group and developing three distinct business areas in which Ramirent is well-positioned to seek growth."

Mr Rosén will join private investment company Nordstjernan and is a board member of NCC Housing and Llentab.

Ulf Lundahl, chairman of Ramirent, paid tribute to the outgoing CEO; “Magnus Rosén has led the company through significant headwind in many markets while transforming the company from a fragmented organisation to a more unified company.

“Under his leadership the company has also increased the EPS from €0.04 in 2009 to €0.36 in 2015. On behalf of the entire Board of Directors, I want to express my appreciation and thank Magnus Rosén for his dedication and contribution to the Group’s development.”

His successor, Tapio Kolunsarka, is currently executive vice president of UPM Raflatac, a global €1.4 billion business that makes self-adhesive labels for foodstuffs and medical products. It is part of the €10 billion UPM business.

“I am excited to join one of the leading equipment rental companies in Europe”, said Mr Kolunsarka, “By taking first-class care of its customers, I am sure that Ramirent will have a successful future. I am looking forward to joining the team of dedicated employees and contribute to the next chapters of Ramirent history”.

Mr Kolunsarka has been with UPM Raflatac since 2002, serving in various management roles in Finland and the US. Before joining UPM he worked for management consultant McKinsey & Company. He has Masters degrees in industrial engineering from the Helsinki University of Technology and in economics from the Helsinki School of Economics.

Mr Lundahl said; “I am very pleased that we have been able to recruit Tapio Kolunsarka as new president and CEO. Tapio Kolunsarka’s strategic skills and proven leadership abilities as head of a major organisation constitute an excellent background for leading Ramirent in the next phase.”

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