Operations of the Board of Management

Updated 14.2.2024

At the end of the reporting period, Wärtsilä’s Board of Management comprised eight members: the President & CEO, the Chief Financial Officer, the Executive Vice Presidents of the businesses Wärtsilä Energy, Wärtsilä Marine, and Portfolio Business, as well as the Executive Vice Presidents heading the Marketing and Communications; Corporate Relations & Legal Affairs; and Human Resources functions. The members of the Board of Management are appointed by the company’s Board of Directors, which also approves their remuneration and other terms of employment. The Board of Management is chaired by the President & CEO. It considers strategic issues related to the Group and its businesses, as well as investments, product policy, and the Group’s structure and corporate steering systems. It also supervises the company’s operations.

The Chief Financial Officer’s main areas of responsibility include group accounting and control, treasury (including project and customer financing), taxation, process development, corporate planning, and investor relations. The Executive Vice Presidents of the businesses are each responsible for the sales volumes and profitability of their respective global business, deploying the capabilities of the Group’s worldwide subsidiaries. The main areas of responsibility of the Executive Vice President, Corporate Relations & Legal Affairs are corporate relations and legal affairs, intellectual asset management and sustainability, environmental and occupational health and safety, as well as security, including cyber security. The Executive Vice President, Human Resources is responsible for people related processes. The main areas of responsibility of the Executive Vice President, Marketing and Communications are external and internal communications, as well as branding and marketing. Information on the members of the Board of Management and their areas of responsibility and holdings can be found in the Board of Management CVs.

The Board of Management in 2023

The Board of Management met 12 times during 2023. Major items on the agenda of the Board of Management were the business strategies and the status of their implementation, as well as the sustainability strategy and decarbonisation and continuous improvement process. The Board of Management focused on financial performance, market development, regulatory environment, and R&D and other technology development. Managing the consequences on the company of the increasing geopolitical tensions and global economic development were in strong focus. Also, the market demand development and the planning of production capacity were significant items of the agenda of the Board of Management. Furthermore, other areas of importance included human resources management, health and safety of personnel, risk management, as well as supplier and other stakeholder relationships.

Information on the members of the Board of Management 
Managers’ transactions