President and CEO
The company’s CEO is in charge of the Group’s business operations and corporate governance in accordance with the law, Teleste’s Articles of Association and the instructions and regulations issued by the Board.
The detailed terms of employment of the CEO are specified in a written contract approved by the Board of Directors. The CEO is not a member of Teleste’s Board of Directors. Teleste’s current President and CEO, Jukka Rinnevaara, b. 1961, M.Sc. (Econ.), started as CEO on 1 November 2002. The CEO is assisted by the Management Group.
The company’s Board of Directors decides on the salary, remuneration and other benefits received by the CEO.
The contractual retirement age of CEO Jukka Rinnevaara is 60 years. CEO’s contract includes a defined contribution supplementary pension. The CEO’s pension plan is arranged through group pension insurance and a capital redemption policy. The payment level of the group pension is 25 per cent of basic pay, excluding bonuses. Payment under the capital redemption policy is subject to the same adjustment procedure as the CEO’s basic pay excluding bonuses.
The contract of CEO Rinnevaara specifies that his term of notice is six (6) months in case the CEO decides to withdraw, and eighteen (18) months should the contract be terminated by the company. Upon termination of the CEO’s contract by the company, the CEO will be paid compensation corresponding to eighteen (18) months of service without benefits.
On 1 April 2021, the Group’s Management Group consisted of seven members including the CEO, to whom the members of the Management Group report. The members of the Management Group are directors representing Teleste’s business areas and units and directors representing the Group management. The subsidiaries operate as part of the business areas. Teleste’s Management Group is chaired by the CEO who reports to the Board of Directors. The Management Group has no authority under the law or the Articles of Association.
The Management Group handles the main issues related to managing the company, such as matters related to strategy, budgets, interim reports, and acquisitions, and prepares investments for approval by the Board of Directors. As a rule, the Management Group meets once a month and at other times when necessary.