Group Chief Executive Officer and Executive Management Team

OP Financial Group's President and Group Chief Executive Officer

The President and Group Chief Executive Officer, who acts as the CEO of OP Cooperative, is responsible for managing OP Financial Group, the central cooperative and the central cooperative consolidated and is in charge of controlling them in accordance with the strategy confirmed by the Supervisory Council and instructions issued by the Board of Directors. The President and Group Chief Executive Officer is also responsible for Group unity and managing and developing the Executive Management Team’s work.

The Supervisory Council appoints the President and Group Chief Executive Officer and decides on the terms and conditions of their executive contract. Deputy to the President and Group Chief Executive Officer is appointed in the same order as the President and Group Chief Executive Officer. The President and Group Chief Executive Officer sits on the central cooperative's Board of Directors.

Timo Ritakallio, D.Sc. (Tech.), LL.M., MBA, took up his duties as OP Financial Group's President and Group Chief Executive Officer on 1 March 2018. Harri Nummela, LL.M, eMBA, Executive Vice President, acts as Deputy to the President and Group Chief Executive Officer as of 1 March 2022.

OP Cooperative's Executive Management Team

The Executive Management Team acts as the central cooperative’s Management team and supports the President and Group Chief Executive Officer in managing the central cooperative and its consolidation group, preparing strategic policies, preparing and implementing any operational issues of great significance or principal in nature and ensuring effective internal control, compliance and independent risk management.

It takes charge of the overall control of the central cooperative and its consolidation group in such a way that profit and other targets are achieved while following strategies and policies. The Executive Management Team also acts as an informing and coordination body for the management of different functions and business segments.

To carry out its duties, the Executive Management Team discusses matters such as OP Financial Group’s strategy and annual plans and related targets and metrics, major investments and corporate transactions in the central cooperative consolidated, development and dependency management priorities (the QBR process) and matters to be presented to the Board of Directors.

By decision of the President and Group Chief Executive Officer, the Executive Management Team may set up committees and confirm committee charters that define the committees’ duties and their members or authorisations to appoint members. By decision of the President and Group Chief Executive Officer, the Executive Management Team has set up the Steering and Compliance Committee, the Risk Management Committee, the Banking ALM Committee and the ESG Committee.

Group Executive Management

Executive Management Team

Timo Ritakallio, b. 1962
President and Group Chief Executive Officer, CEO of OP Cooperative
Chair
Member of the Executive Board since 2018
D.Sc. (Tech.), LL.M., MBA

​Relevant previous experience:
Ilmarinen Mutual Pension Insurance Company, President and CEO 2015–2018
Ilmarinen Mutual Pension Insurance Company, Deputy Chief Executive Officer and Chief Investment Officer 2008–2014
Pohjola Bank plc, Deputy Chief Executive Officer 2006–2008
OKO Bank plc, Deputy Chief Executive Officer 2001–2005
OKO Bank plc, Executive Vice President and Member of the Executive Board 1997–2001
Opstock Securities Ltd, Managing Director 1993–1997
Uudenkaupungin Seudun Osuuspankki, Managing Director 1991–1993
Tampereen Seudun Osuuspankki, Head of Listed Securities Department 1988–1991

​Other relevant positions:
Finland Chamber of Commerce: Chair of the Board of Directors
Kesko Corporation: Member of the Board of Directors
Finance Finland: Vice Chair of the Board of Directors

Vesa Aho, b. 1974
Executive Vice President, Insurance Customers
Member of the Executive Board since 2018
M.Sc. (Econ. & Bus. Adm.)

Relevant previous experience:
OP Financial Group: Chief Financial Officer 2018–2022
Garantia Insurance Company Ltd: CEO 2015–2018
OP Cooperative: Group Controller 2014–2015
Pohjola Bank plc: CFO, member of the Group's Executive Committee 2011–2014
Pohjola Bank plc: Head of Department, Credit Risk Management 2006–2011
Pohjola Bank plc: Credit Risk Manager 2004–2006, credit risk expert 2001–2004

Other relevant positions: 
Cinia Oy: Member of the Board of Directors

Katja Keitaanniemi, b. 1973
Executive Vice President, Banking, Corporate and Institutional Customers
Member of the Executive Board since 2018
Lic.Sc. (Tech.)

Relevant previous experience:
Finnvera plc: Executive Vice President, SMEs, Member of the Executive Committee 2014–2018
Swedbank: Head of Investment Banking Finland, Member of Management Group of Global Investment Banking 2011–2013; Head of Research, Deputy Head of Global Research, Member of Management Group 2010–2011
eQ Bank/Conventum: Director of Research, Member of the Executive Committee 2002–2009
Nordea Securities: Senior Analyst, Forest & Paper Products 2001–2002

Other relevant positions: 
European Payments Initiative (EPI): Member of the Board of Directors

Hannakaisa Länsisalmi, b. 1970
Chief Human Resources Officer
Member of the Executive Management team since 2020
Ph.D Psych

Relevant previous experience:
OP Financial Group: SVP, Human Resources, Non-life Insurance 2016–2018
MTV: Vice President, HR and Communications 2015–2016
KAIKI Consulting: Managing Director, Partner 2012–2015
Nokia Corporation: Director, HRD 2007–2012
Finnish Institute of Occupational Health: Department of Psychology, Team Leader and Specialist Research Scientist
Rautaruukki: Business Development Manager and HRD Manager 2001–2004

Other relevant positions:
Ilmarinen Mutual Pension Insurance Company: Member of the Supervisory Board
Finland Chamber of Commerce: Member of the Medal of Merit Board

Juho Malmberg, b. 1962
Chief Information Officer (Development and Technologies)
Member of the Executive Board since 2018
M.Sc. (Eng.)

Relevant previous experience:
OP Financial Group: Head of Development and Technologies 2016–2018; Head of Technology Services 2015–2016
ZenRobotics Ltd: CEO 2012–2014
Kone plc: EVP, Customer Experience, and Member of the Executive Board 2010–2012; EVP, Development, and Member of the Executive Board 2006–2010
Accenture: Director, Nordic Outsourcing 2004–2006
Accenture Finland: Managing Director 2002–2006; Deputy Managing Director 1999–2002; Technology Director 1993–1999

Other relevant positions:
Kemppi Oy: Member of the Board 

Harri Nummela, b. 1968
Executive Vice President, Banking, Private and SME customers; and Deputy to President and Group Chief Executive Officer
Member of the Executive Board since 2014, and previously in 2007–2010
LL.M, eMBA

Relevant previous experience:
OP Cooperative: Executive Vice President, Digital Business and New Businesses 2015–2018
OP Cooperative: Executive Vice President, Wealth Management 2014–2015
OP-Services Ltd: Chief Executive Officer 2011–2014
OP-Pohjola Group Central Cooperative: Member of the Executive Board; Executive Vice President, Banking and Investment Business 2007-2010; Department Manager 1998–2006
OP Fund Management Company Ltd: Managing Director 1997–2006
Tampereen Seudun Osuuspankki: Department Manager 1992–1997

Other relevant positions:
Finnish Ice Hockey Association: Chair
Confederation of Finnish Industries: Chair of the Business Transformation Committee
Finance Finland: Vice Chair of the Banking Executive Committee


Markku Pehkonen, b. 1962
Chief Risk Officer
Member of the Executive Management team since 2022
M.Sc. (Econ. & Bus. Adm.)

Relevant previous experience:
Sampo plc: Chief Risk Officer 2009–2018
Danske Bank Markets, Head of Corporate Sales 2007–2009
Sampo plc: Head of ALM 2001–2007
Leonia plc: Director, Risk Management 1997–2001
Postipankki New York, Risk Manager 1996–1997
Postipankki Oyj: various expert and managerial duties 1993–1997

Other relevant positions: -

Mikko Timonen, b. 1975
Chief Financial Officer
Member of the Executive Management Team since 2022
M.Sc. (Econ. & Bus. Adm.)

Relevant previous experience:
OP Corporate Bank plc: Head of Corporate Business Control, Corporate Banking, 2019–2022
OP Cooperative: Head of Banking Business Control 2015–2018
OP Cooperative, Pohjola Bank plc: Business Controller 2012–2015
Pohjola Bank plc: Business Development Manager 2008–2012
Nasdaq Helsinki Oy: various managerial and expert duties 2001‒2008

Other relevant positions: -


Tiia Tuovinen, b. 1964
Chief Legal Officer and Group General Counsel
Member of the Executive Board since 2018
Master of Laws, L.L.M. Eur

Relevant previous experience:
OP Financial Group: General Counsel 2017–2018
Telia Company Ab: General Counsel, Global Services & Operations 2016–2017
TeliaSonera Ab, Team Leader of Competition Law and Compliance (Europe and Eurasia) 2014–2015
TeliaSonera Ab: General Counsel for Broadband Business Area (Nordic and Baltic countries) 2008–2014
TeliaSonera Ab: General Counsel, Integrated Enterprise Services Business Area (Corporate Customer Products and Services) 2007–2008
TeliaSonera Finland plc: General Counsel, Real Estates and Property Planning, Corporate Security 2003–2007
Sonera Corporation: Deputy General Counsel, Products and Services, Legal Affairs and Assistant General Counsel, Competition Management and Mobile Operations, Legal Affairs 1999–2003

Other relevant positions:
Confederation of Finnish Industries: Vice Chair of the Committee of Legal Affairs

Other executive management


Sakari Lehtinen, b. 1969
Chief Audit Executive
M.Sc. (Econ. & Bus. Adm.)

Relevant previous experience:
OP Cooperative: Head of Department, Internal Audit 2013–2019
OP Cooperative: expert positions, Internal Audit 2004–2012
Postipankki Group/Sampo Group: various managerial and expert positions 1995–2003
Osuuspankkien Keskuspankki Oy: expert positions 1992–1995

Other relevant positions:
The Institute of Internal Auditors Finland: Chair of the Board of Directors