Board of Directors

The Board of Directors has overall responsibility for management of the Company and the proper organization of its operations. The Board of Directors directs and supervises the Company’s executive management, appoints and dismisses the CEO and approves important decisions concerning the Company’s strategy, investments, organization, remuneration system for the management and financing. The CEO is responsible for the implementation of the Company’s strategy and daily operations according to the guidelines and instructions given by the Board of Directors.

Merus Power has a Board of Directors composed of a minimum of three (3) and a maximum of 8 permanent members. Additionally as many deputy members can be appointed to the Board of Directors as there are permanent members. The term of the Board members lasts until the end of the next Annual General Meeting.

The Merus Power Board of Directors consists of Vesa Sadeharju (Chair), Anne Koutonen and Vesa Riihimäki.

Vesa Sadeharju, born 1957
Master of Science in Technology and Master of Economic Sciences
Chair of the Board of Directors

Vesa Sadeharju has been the Chair of the Board since 2013.

Partner of VNT Management Oy.

2000-2007 Sadeharju was Director and Partner of 3i Nordic plc.
1996-2000 Sadeharju was a founding member of SKF Finance.

1981-1996 Sadeharju held various management positions at ABB’s electrical applications business units.

Board Member of Power Fund III GP Oy since 2011, Board Member of Norsepower Oy since 2016, Elcogen Group Plc board member since 2021, Chair of the Board of Elcogen Oy since 2009, Chair of the Board of Elcogen AS Supervisory Board since 2008, Chairman of the Board of Distence Oy since 2023, Board member of VNT Management Oy since 2008, and Chairman of the Board of Sadeharju Consulting Oy since 2007.

Shareholding: –

Vesa Sadeharju is independent of the Company. Vesa Sadeharju is not independent of the Company’s major shareholders, as he is not independent of VNT Management Oy, which manages Power Fund II Ky fund, a major shareholder of Merus Power (shareholding 560 661)

Anne Koutonen, born 1962
Master of Economic Sciences
Member of the Board of Directors

Anne Koutonen has been a Member of the Board since 2001.

Anne Koutonen has been a Member of the Board of Directors of Modulight Oyj since 2023, Member of the Board of Directors of Kemppi Oy since 2022, Member of the Board of Directors of Robit Oy since 2020 and Chairman of the Audit Committee since 2021, Member of the Board of Directors of Image Wear Oy since 2019, Member of the Board of Directors of Tammer Brands Oy and Chair of the Board since 2020, Member of the Board of Directors of HKScan Oyj and Chair of the Audit Committee since 2019, Member of the Board of Directors and Audit Committee of Kojama Oy since 2018 and Chair of the Audit Committee since 2019 and Member of the Board of Componenta Oy since 2017 and Vice Chair of the Board of Directors since 2019.

Koutonen has previously served as the CFO and Head of Investor Relations at Nokian Tyres Plc during 2006-2018 and Team Leader of Treasury during 1997-2006.

1995-1997 Koutonen held a position of Financial Analyst at Oy Kyro Ab.

1992-1994 Koutonen was Domestic Money Market Manager, Member of the Management Team and Head of Market Dealers of Financial Bank of Finland Savings Bank – SSP Ltd.

Shareholding: 205

Independent of the company and its significant shareholders.

Vesa Riihimäki, born 1966
Master of Science in Technology
Member of the Board of Directors

Vesa Riihimäki has been a Member of the Board since 2005.

Riihimäki is Director, Delivery Management of Wärtsilä Finland Oy and a Member of the Management Team of the Power Supply Business Line.

2018-2020 Riihimäki served as President and CEO of Wärtsilä Finland Ltd.

Riihimäki served as Vice President, Wärtsilä Quality during 2014-2018, as Vice President, QEHS, Wärtsilä Services and concurrently in the Management Team of the Services Business Line, 2009-2014 he was President, Power Plants & Executive Vice President and concurrently on the Wärtsilä Corporation Management Team,
2004-2009 he was Vice President, Power Plant Technology and concurrently on the Management Team of the Power Plants Business Line. Additionally Riihimäki has held various positions at Wärtsilä Finland Oy during the period 1992-2003.

Shareholding: 16 581

Independent of the Company and its significant shareholders.

Tapani Kiiski, born 1962
Licentiate in Technology
Candidate for the Board of Directors

Tapani Kiiski is a candidate for the Board of Directors. The Annual General Meeting will elect the members of the Board of Directors on 13 March 2024.

Tapani Kiiski has previously served as President and CEO of Raute Corporation from 2004 to 2022, as Vice President -Sales and Technology from 2002 to 2004, and as Vice President – Technology in 2002.

At Konecranes Oyj, Tapani was Group CIO from 1999 to 2002 and held various positions in Technology management of the Standard Lifting Equipment Group and Group R&D from 1985 to 1995.

Board of Directors of Helkama Emotor Group of companies since 2014, Orfer Oy since 2023, Geneset Powerplants Oy since 2023, Jartek Invest Oy since 2023, Mantsinen Group Ltd since 2023, Dimecc Oy during 2008 – 2018, Finnish Wood Research Oy during 2009 – 2014 and as a Chairman of the Board during 2011 – 2014, Technology Industries of Finland during 2016 – 2021, Technology Industry Employers of Finland since 2021, Häme Chamber of Commerce during 2005 – 2022 and as a Chairman during 2014 to 2018 and Technology Academy Finland Foundation (Millennium Technology Prize) since 2016. Independent of the company and its significant shareholders.