(Reuters) - Finnish tyre maker Nokian Tyres Plc (TYRES.HE) said late on Tuesday its board has appointed Jukka Moisio as chief executive, taking over from Hille Korhonen, whose three-year tenure was marked by decline of almost 50% in the company’s value.
Moisio, who headed packaging firm Huhtamaki (HUH1V.HE) from 2008 to 2019, will start on Wednesday.
“Jukka Moisio has a proven record in successfully leading stock listed companies and company turnarounds, delivering strong financial performance and shareholder returns,” Chairman Jukka Hienonen said in a statement.
“He also has a deep understanding of the markets in Central Europe and North America, which are the key growth markets for Nokian Tyres,” he said.
Earlier this month Nokian reported a sharp fall in first-quarter profit due to high inventories in Russia, mild winter and the coronavirus outbreak, and warned the virus would further hit its earnings.
At the end of March, Nokian scrapped its 2020 sales and profit guidance, while it also decided to temporarily lay off its 1,630 Finnish employees for up to 90 days.
Reporting by Tarmo Virki in Tallinn, Estonia; Editing by Matthew Lewis