FINLAND – Varma-Sampo Mutual Pension Insurance Co. says Matti Vuoria will take over as chief executive when Paava Pitkanen retires.

Vuoria, 52, will take over as president and CEO on June 1 2004. Pitkanen will retire at the age of 62, having postponed his retirement for two years at the request of the board.

Vuoria is a former permanent secretary of the Ministry of Trade and Industry and is currently chairman of energy group Fortum Oyj.

“Matti Vuoria's extensive experience both in administration and Finnish as well as international business life and in a variety of positions of trust will be advantageous for our company and the employment pension system in general,” said Varma-Sampo chairman Georg Ehrnrooth.

Varma-Sampo is the largest employment pension insurance company in Finland. In 2002 it wrote premiums worth 2.4 billion euros and paid 2.4 billion euros in pension payments.
At the end of 2002 its investments totalled 17.8 billion euros.

The company also said it plans to change its name to Varma Mutual Employment Pension Insurance Co. from December 31 this year.