Heikki Malinen has announced his resignation as the CEO of Posti Group Corporation, the company reported on Tuesday. Malinen served as the chief executive of the state-owned postal firm since 2012.
"I feel this is the right moment to say thank you and make space for a new person at the helm of the company," Malinen said in a statement.
Turkka Kuusisto, currently the SVP of Parcel and eCommerce, has been appointed as the interim President and CEO, as of 1 October. The company is currently in the process of recruiting a new CEO.
"I am sorry to learn about Malinen’s personal decision. The Board’s view is that Posti has been a well-run company during Heikki’s term and has developed in the right direction," Markku Pohjola, Chairman of Board of Directors of Posti Group Corporation said in the release.
Posti reported that Malinen will not receive additional severance pay, but will be paid his salary for the six months notice period, as required by his employment contract.
Under fire for ‘excessive’ pay
In early September, Government minister Sirpa Paatero had lashed out at exorbitant salaries and bonuses paid to top management of the national mail carrier. It had become known that Malinen was drawing an annual salary close to a million euros — amounting to a monthly pay packet of about 82,500 euros.
Meanwhile, postal workers who earn an average of 2,000 euros per month were facing 30-50 percent pay cuts as part of the management’s plan to shift to a new pay structure.
Following public outrage, Malinen said he was willing to waive two months' pay this year — which Posti has now confirmed will be reduced from his stipulated notice period remuneration. The company was also forced to delay plans to shift employees to a lower pay scale.
Minister Paatero, who is in charge of overseeing state-owned companies, had also questioned Posti management for spending lavishly on expensive golf club memberships while simultaneously entering co-determination negotiations to cut jobs.