Neste Oil Corp.'s Board of Directors has appointed Matti Lievonen (age 49) as the company's new President & CEO. He will take over on 1 December 2008. Neste Oil's current President & CEO, Risto Rinne (58), will leave his position for health reasons and retire.

Lievonen comes to Neste Oil from UPM-Kymmene Corporation, where he has been President of the Fine and Specialty Papers Division since 2004. Lievonen has served in a number of senior positions at UPM since joining the company 1986, and was with ABB earlier.

"Matti Lievonen's wide-ranging business experience, process industry knowledge, and ability to deal with challenging change management issues make him an excellent choice for leading Neste Oil as it continues to move ahead with its growth strategy," according to the Chairman of Neste Oil's Board of Directors, Timo Peltola. "His strong international background and experience with major capital investment projects will stand him in good stead to succeed as President & CEO at Neste Oil."

Rinne will retire on 1 October 2008. Deputy CEO Jarmo Honkamaa will handle the duties of President & CEO until Lievonen takes over.

"Risto Rinne has skillfully led Neste Oil as a standalone listed company for a number of years. Under his leadership, the company has launched and completed some of the largest capital projects in its history, and has moved a considerable way to achieving its goal of become the world's leading supplier of renewable diesel," continues Timo Peltola. "I would like to warmly thank Risto Rinne for the very valuable contribution that he has made to building Neste Oil's position as an international pioneer in its field over the more than 30 years that he has been with the company."