Antti PankakoskiAntti Pankakoski has been dismissed as the CEO of state-owned alcohol company Altia effective immediately. He will walk away with a pay-out of approximately 500,000 euro, equivalent to 18 months' wage. Matti Tikkakoski, the chairman of Altia's board of directors, has explained the dismissal with the poor performance of the company over the past few years.

“Altia has recently clearly fallen behind its financial targets and lost market share. Performance has decreased during the past two years. The company needs new leadership to meet the set goals in challenging market and operational environment,” Tikkakoski says in a press release.

The responsibilities of the CEO will be performed by Hannu Tuominen, a member of Altia's executive team, until the search for a successor to Pankakoski is completed. Altia currently employs over 1,000 personnel and has a revenue of some 500 million euro.

Lehtikuva - Vesa Moilanen