Jouko Pölönen will resign from OP Financial Group's central cooperative executive board and as CEO of units OP Yrityspankki Oyj, or OP Corporate Bank Plc, and Helsingin Seudun Osuuspankki, or Helsinki Area Cooperative Bank, by the end of June 2018 to join Finnish pension fund Ilmarinen Mutual Pension Insurance Co. as president and CEO.

Pölönen has worked with OP Financial Group since 2001, and has been responsible for the banking segment on the group level since 2014. At Ilmarinen, he will replace Timo Ritakallio, who will remain in the post until the end of February 2018, when he will begin work as OP Financial Group's president.

Ilmarinen will merge with Keskinäinen Eläkevakuutusyhtiö Etera at the turn of the year.