Matti Alahuhta Named President of KONE

KONE Corporation’s Board of Directors, at a meeting earlier today, named Matti Alahuhta President of KONE from 1 January, 2005.

Alahuhta, who was born in 1952 and holds a Doctor of Science degree from Helsinki University of Technology, is currently Executive Vice President, Chief Strategy Officer of Nokia. He has worked for Nokia from 1975 through 1982 and from 1984 to the present, serving as a member of the company’s Group Executive Board since 1993. Matti Alahuhta has been a member of KONE’s Board of Directors since February, 2003.
In his new position, Matti Alahuhta succeeds Manfred Eiden, who returns to Germany for personal reasons. Eiden will continue as President through 31 December, 2004 and thereafter assist Alahuhta in the preparation and implementation of KONE’s Development and Restructuring Program until the end of May, 2005.
“The elevator and escalator business has already been global for a long time. In order to respond to increasingly tough competition, we in KONE have systematically developed our operations in recent years by harmonizing our worldwide product and service offerings, strengthening our customer focus, streamlining production and implementing harmonized installation and maintenance methods. Now we are entering a new phase in the development of our business. We announced in October of this year the initiation of preparations for a development and restructuring program related to this situation. We believe that in this phase Matti Alahuhta brings extensive and global know-how which, coupled with KONE’s strengths, will support the company’s competitiveness and market position,” asserts KONE’s Board Chairman Antti Herlin.
The Board of Directors will propose to the extraordinary general meeting to be held on 17 December, 2004 that it direct the Board of Directors of the new KONE Corporation to be created by the demerger process to appoint Matti Alahuhta president of that company from the date that the demerger officially takes effect.
Press Conference
A press conference will be held Monday, 22 November, 2004 at 11:00 Helsinki time at the KONE Building, Keilasatama 3, Espoo.

Sender:
KONE Corporation
Board of Directors
Tapio Hakakari
Director
Secretary to the Board of Directors
Minna Mars
Senior Vice President, Corporate Communications & IR
For additional information, please contact:
Tapio Hakakari, Director, Secretary to the Board of Directors, tel. +358 (0)204 75 4226
Media contacts – interviews and press materials:
Minna Mars, Senior Vice President, Corporate Communications & IR,
tel. +358 (0)204 75 4501
www.konecorp.com