Recently, Nokian Tyres has appointed Paolo Pompei as president and CEO with effect from 1 January 2025. Jukka Hienonen, chairman of Nokian's board of directors, said Pompei would lead the company and strive to achieve annual sales of more than 2 billion euros.
Pompei, Nokian said, has extensive experience in the tire industry, including from his latest role as president of Yokohama TWS, formerly Trelleborg Wheel Systems, since 2017.
Prior to that, he held several leadership positions in the Trelleborg Group, including president of its agricultural tires unit, having also worked at Pirelli earlier in his career. Additionally, Pompei is a member of the board of directors of the ETRMA.
Paolo Pompei has a deep understanding of the Central European and North American markets, which are key growth markets for Nokian Tyres. With his extensive experience and capabilities, he aims to lead Nokian Tyres into the next stage of development and achieve net sales of EUR 2 billion.
As early as March this year, Jukka Moisio, current President and CEO of Nokian Tyres, informed the company's board of directors that he intended to retire in 2024.
Moisio has served as President and CEO of Nokian Tyres since 2020. Expressing appreciation to Moisio, Nokian said the current president and CEO had guided Nokian “during Covid-19 and through the consequences of the war in Ukraine, developing Nokian Tyres toward new growth.”
In the first half of this year, Nokian Tire's sales were 561.2 million euros, a year-on-year increase of 6.8%; its operating profit loss was 17.8 million euros, a year-on-year decrease of 9.4%.
Starting from the second quarter, the company's net sales have increased significantly, especially driven by the Central European market. Passenger car tire sales continued to grow, driven by improved product supply and higher volumes; Vianor (tire chain business) had solid sales performance; while the weak original equipment market for heavy-duty tires had a negative impact on performance.
In addition, Nokian Tyres inaugurated its passenger car tire factory in Oradea, Romania, on September 19, a project with a total value of EUR 650 million. The new facility operates without utilizing any fossil energy, making it the world's first full-scale tire factory with zero CO2 emissions. This new factory in Romania follows the successful launch of their Dayton, Tennessee factory, reinforcing the company's global presence and dedication to sustainable practices.
With increased production capacity and a competitive product portfolio, as well as seasonal factors in the second half of the year, the company expects sales and operating profit to grow, driving higher tire sales for the full year.
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