Niemelä says that he is leaving because of the requirements set by the execution of S Group's new strategy.

"The commerce sector is going through its biggest change in the last few decades, and international operators in the consumer goods trade are powerfully challenging Finnish operators. That is why we have been working on a new strategy in S Group to meet these new challenges, and we need someone new to execute that. However, I am confident that S Group, a cooperative owned by its customers, will be particularly needed in these financially troubled times.

"I am going to take a break now and look around in peace, and to continue my unfinished projects and read professional literature at home. From now on, I will also be an active and loyally critical customer-member of the cooperative.

Supervisory Board Chairman Matti Pikkarainen is sorry that Niemelä is leaving, but Pikkarainen understands why.

"It is admirable that this experienced, competent corporate executive is brave enough to make this kind of decision. Recent years in SOK have been filled with work and surely quite stressful indeed. We have already gone through several extensive changes and successfully expanded our business in the neighbouring regions, but we are still facing massive changes."

Pikkarainen says that the Board has already begun the process of appointing a new CEO.

For more information:

SOK CEO Kuisma Niemelä, tel. 010 76 80200SOK Supervisory Board Chairman Pikkarainen, tel. 040 550 2932