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7 November 2006, cleared for publication at 11.05 a.m. (UTC+2)

Managing Director Arto Hiltunen to become SOK’s Chief Executive as from 1st August 2007

SOK’s Chief Executive, Professor Kari Neilimo, will retire on 31 July 2007. SOK’s Supervisory Board has today appointed Mr Arto Hiltunen, Managing Director of Helsinki Cooperative Society Elanto, as his successor, effective 1st August 2007.

Managing Director Arto Hiltunen was born in Kajaani, Finland, on 17 January 1958. He took his M.Sc. (Econ.) degree from the Helsinki School of Economics in 1979.

Managing Director Arto Hiltunen has worked for the S Group since 1980. After going through SOK’s commercial field training, he worked in management positions in marketing at SOK from 1982 to 1985. His main posts have been as manager of the department store of Cooperative Society Osla in Porvoo 1985–1989, management positions with the Alepa chain 1990–1993 and Managing Director of Ässä Partners Oy 1993–1997. Arto Hiltunen was Managing Director of Helsinki Cooperative Society HOK 1998–2003 and has been Managing Director o f Helsinki Cooperative Society Elanto since 2004.

Arto Hiltunen was a member of SOK’s Supervisory Board from 1998 to 1999 and a member of SOK’s Executive Board from 2000 to 2001, and was re-elected a member as from 2003. Apart from the S Group, he has held a number of positions of trust with other companies, notably, chairmanship of Helsinki Region Chamber of Commerce and a seat on the Board of Directors of Ilmarinen Mutual Pension Insurance Company.

CEO Kari Neilimo, acting in accordance with the terms of his Chief Executive’s agreement, has decided to exercise the option to retire on 31 July 2007. He will become 63 years of age in March 2007. Kari Neilimo has been with the S Group since 1988. He was a member of the Executive Board of Pirkanmaa Cooperative Society, 1988–1991, and Chairman of the Supervisory Board, 1992–2002. Mr Neilimo was chairman of SOK's Supervisory Board 1991–2002 and he took over as SOK’s Chief Executive on 1 August 2002.

For additional information, contact:
Mr Otto Mikkonen, Chairman of SOK’s Supervisory Board, Titular Industrial Counsellor, tel. +358 500 672 313

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