Mr Raimo Lind from Wärtsilä chosen as financial director of the year

Wärtsilä Corporation, Press release 28 November 2008 at 10:00 UTC+2

Financial operations increasingly affect the success of a company

Accenture, Talouselämä magazine and Management Events have chosen Mr Raimo Lind as financial director of the year 2008. Lind is the Group Vice President and CFO of Wärtsilä. The results of the selection show that the financial director’s role in developing the business and realising strategies has become more significant. Strategic success factors include risk management and a culture that increases the financial added value. During a downturn we should be able to support growth and curb expenses at the same time.

The selection of the financial director of the year 2008 was influenced especially by the extent to which the financial management of Wärtsilä has managed to contribute to the excellent result of the company during the last few years. The jury emphasised the strong role of Lind in developing the business. Wärtsilä’s financial organisation and financial basic functions have been tuned to top condition.

“All of Wärtsilä can be proud of this award, and thanks go primarily to my whole team. We have developed financial operations systematically and perseveringly while supporting the profitable growth of the company. We have also executed successfully our extensive development projects,” says Mr Raimo Lind.

“Globalisation has changed the requirements for financial operations. Merely producing figures is no longer enough. A financial director like Raimo Lind spurs the company to long-term success by supporting the company’s strategy and encouraging and challenging the Managing Director and the rest of the management team. During a recession it is also especially important to find a balance between supporting the growth strategy and sustaining expense discipline,” says a member of the jury, Mr Olli-Pekka Lumijärvi, Management Consulting Director and Partner at Accenture.

“Raimo Lind takes the role that belongs to the financial director: he networks efficiently inside the company and puts his heart into issues. Thanks to his vast network and solid expertise people want him to join various development projects,” says Mr Ole Johansson, Group Director, Wärtsilä.

Extensive analysis to support the selection

The selection of the financial director of the year includes assessing the top 100 companies in Finland by revenue using key figure analysis, which compares the key figures of each company and their development during the last few years. The key figures used in trend analysis are calculated in Accenture’s service centre in India. In the next phase a qualitative analysis is made. It is based on the survey sent to financial managers to get an extensive view of the role of the financial director and financial administration in the company as well as the organisation, processes and practices.

Finally the jury goes over the leading companies and decides on the emphasis of the selection criteria and possible additional measures. The jury consists of Mr Georg Ehrnrooth, Senior Industrialist, Ms Maarit Toivanen-Koivisto, Senior Industrialist, Mr Pekka Seppänen, Editor-in-Chief, and Mr Olli-Pekka Lumijärvi, Partner.

The financial director of the year 2008 was announced in a gala on 27 November 2008.

The financial director of the year was selected for the third time among the top 100 companies in Finland by revenue. In 2006 the financial director of the year was Mr Juha Laaksonen from Fortum and in 2007 Mr Rick Simonson from Nokia. Rick Simonson sent a video greeting to the Financial Director of the Year Gala, emphasising the significance of the role of financial director in a sluggish economy.

Further information:
Member of jury, Mr Olli-Pekka Lumijärvi, Partner, Accenture, tel. +358 (0) 40 5322 122
Financial director of the year, Mr Raimo Lind, Group Vice President, CFO, Wärtsilä, tel. +358 (0) 10 709 5640