Finland-based OP Financial Group's deputy to the president and group CEO Tony Vepsäläinen will retire Dec. 31 and the group's executive vice president of insurance customers, Olli Lehtilä, will take over the vacated role from Jan. 1, 2020.

Meanwhile, executive vice president of human resources Hannakaisa Länsisalmi will be a member of the executive management team of the group, effective Jan. 1, 2020.

Both appointments are subject to regulatory approvals.

Additionally, OP Financial will adopt a three-tier governance structure from Jan. 1, 2020, when the bylaws will be entered into the trade register. This will result in the elimination of group CFO Vesa Aho's role as CEO of OP Cooperative — instead, group CEO Timo Ritakallio will also act as the unit's CEO.