A sharper reset cycle, but a narrower one

Produced in partnership with SAM Headhunting

Finnish listed companies appointed 13 new CEOs in the first quarter of 2026.  At that quarterly pace, 2026 would deliver roughly 52 CEO changes, compared with 44 in 2025 — a step change in the rate of renewal at the top of the Finnish stock market.

But pace is only part of the story. Against the 2025 annual index, four shifts stand out in Q1 2026: Large Cap turnover has collapsed from more than one in three companies in 2025 to zero in Q1 2026; external hires now account for 62% of appointments, up from 45%; new CEOs are averaging 49-50 years, roughly five years younger than the active population; and the share of women among new appointments has slipped to 7.7%, below the 9.3% baseline. The reset is sharper at the point of entry — and narrower, concentrated at the smaller end of the market.

Highlights

• 13 new CEOs in Q1 2026 — annualized pace of ∼52 vs 44 in 2025

• Zero CEO changes in Large Cap, down from >33% turnover in 2025

• External hires: 62% of Q1 appointments, up from 47% in 2025

• Average age of new CEOs: 49-50 years as of May 2026, vs 53-54 for the active population

• Women: 1 of 13 new CEOs (7.7%), below the 9.3% active CEO population share

• Two international hires, leaving the overall nationality mix essentially unchanged

The findings draw on the Listeds Executive Intelligence platform and cover all CEO appointments in Finnish listed companies in the period 1 January to 31 March 2026. Baseline figures for the active CEO population refer to the CEO Index — Finland | 2025 published in February 2026.

New CEOs stepped into challenging circumstances

Most of the 13 companies that changed CEO in Q1 2026 reported a decline in profitability in their most recent fiscal year, according to their annual reports. Enento Group and Duell Corporation were among the notable exceptions, both reporting improved operating profits.

Enento and Sitowise both recorded modest net-sales growth of around 3% in the fourth quarter of 2025 and are among the cases where new CEO appointments coincided with wider management changes. These situations represent the more active end of the spectrum; the full picture of follow-on organizational change will only become visible in the Q2 index, when a longer post-appointment window is available.

Large cap goes from most active to most stable

The most striking shift in the quarter is where CEO change did not happen. In 2025, large cap had the highest turnover rate of any segment, with more than one in three of the 32 large-cap companies changing CEO during the year. In Q1 2026, large cap recorded zero appointments.

Every change in the quarter happened below that tier:

• Small cap: 6 CEO changes

• Mid cap: 4

• First North: 3

• Large cap: 0

The burden of renewal has moved one tier down the market, where companies operate with tighter resources and fewer layers, and where leadership changes translate more directly into execution moves.

“While some companies are undergoing significant transitions, these developments should be viewed in the context of longer-term sector pressures rather than immediate post-appointment actions alone. Industrial transformation, regulatory demands in financial services, and profitability pressures across sectors continue to shape leadership decisions.” — Taru From, senior partner, SAM Headhunting

Renewal at the point of entry: new CEOs are five years younger

New CEOs appointed in Q1 2026 average 49-50 years of age, compared with 53-54 across the active CEO population. The nearly five-year gap is one of the clearest signals in the quarter that renewal is happening at the margins, even while the overall leadership base shifts only slowly.

At the lower end of the range, Juho Ahosola (Talenom) and Anna Wäck (Sitowise), both born in 1988, illustrate this move toward earlier leadership transitions. At the other end, Teppo Paavola (Enento), born in 1967, reflects the continued demand for experienced financial and technology leaders.

“We are seeing a gradual shift toward younger CEOs, particularly those with strong operational backgrounds. Boards are looking for leaders who can combine execution with adaptability in uncertain environments.” — Leena Hellfors, managing director, SAM Headhunting

Boards are hiring externally more than before

Of the 13 appointments in Q1 2026:

• 8 were external hires

• 4 were internal hires

• 1 came from the board

In 2025 as a whole, external hires accounted for 20 of 44 appointments (45%). The Q1 2026 share is 62%, a meaningful jump. Internal experience remained a factor — several new CEOs were drawn from COO, business unit, or CFO roles — but the quarter leaned more decisively on outside talent than the 2025 average.

The examples illustrate the mix of backgrounds rather than a single pattern:

• Aki Gynther (Alisa Bank) and Alexander Schoschkoff (Alexandria) bring sector-specific financial expertise.

• Anna Wäck (Sitowise) and Matti Erkheikki (QPR Software) represent internal operational continuity.

• Fred Larsen (Lamor) and Markku Taskinen (Dovre Group) bring governance and project leadership backgrounds.

“Boards are becoming more deliberate in CEO selection. The mandate is often clearer from day one, which reduces the need for a long transition period.” — Leena Hellfors

Across both internal and external hires, the common thread across the quarter is readiness to execute rather than transition gradually.

Gender representation moves in the wrong direction at the point of entry

Women accounted for 7.7% of Q1 2026 appointments — one of 13 new CEOs — below the 9.3% share of women in the active CEO population as measured in the 2025 annual index. Single-quarter figures are volatile given the small base, but the direction matters: renewal at the point of entry is not currently narrowing the gender gap.

Sector-level patterns have shifted compared to the 2025 index. Industrials now show the highest representation of female CEOs, followed by health care, with consumer staples, financials, and consumer discretionary forming a middle tier. Basic materials and technology remain at the lower end, with only limited female representation at the CEO level.

International hires remain the exception

The quarter saw two international appointments, leaving the overall nationality mix largely unchanged.

Individual cases highlight where international recruitment adds value. Jean-Charles Gaudechon, a French gaming-industry veteran, now steers Remedy Entertainment. Christian Gebauer, a Swedish expert in decentralized management, was appointed to lead Relais Group in January. Both illustrate targeted international hires where specific expertise is required, rather than a broader shift toward international leadership across the market.

Sector pressure continues from 2025

Leadership changes in Q1 2026 are visible across sectors, with industrials, financials, technology, utilities, and consumer-facing businesses all represented. Industrials led with Sitowise, Dovre Group, and Talenom. Financials were represented by Alisa Bank and Alexandria. Technology saw QPR Software, utilities saw Lamor, and consumer discretionary saw Remedy Entertainment change hands.

Industry-level data show that CEO changes remain concentrated in a few sectors, but the pattern has evolved since 2025. Industrials continue to account for the largest number of new CEO appointments, while financials and consumer discretionary now follow closely behind. Technology remains active but at a lower level, and utilities continue to see limited turnover.

Follow-on management change: too early to generalize

The 2025 index reported an average of 4.2 group management changes per new CEO (2.3 hires, 1.9 resignations), with the appointment of Scott Phillips at Hiab driving the largest post-CEO restructuring of the year (19 changes, linked to the Cargotec/Kalmar demerger).

For Q1 2026, it is too early to report a comparable figure: most appointments only happened in February or March, and the full pattern of post-CEO management change will not be visible until the Q2 index. Early indicators from Enento and Sitowise suggest that leadership transitions are again coinciding with wider management adjustments at more than isolated companies.

Conclusion

Thirteen appointments in a single quarter, at a pace that would exceed 2025’s full-year total, is the sharpest signal yet that the CEO reset cycle is tightening. Boards are moving faster, hiring more externally, and appointing younger leaders than the active population would suggest.

But the reset is narrower than the headline numbers suggest. Large Cap is quiet after a year of unusual activity. Women remain underrepresented at the point of entry, and international hires are the exception rather than the norm. The renewal is real. The profile of who is being renewed, less so.

The CEO Index — Finland will next be updated at the end of Q2 2026. Readers can follow the CEO Newsletter for interim leadership signals. They can also discover a more visual and concise version of the CEO Index Q1 2026 by viewing or downloading a slide deck.

At a glance: 2025 annual vs Q1 2026

About the data

The analysis draws on the Listeds Executive Intelligence platform and covers all CEO appointments in Finnish listed companies made between 1 January and 31 March 2026. Active-population figures are carried forward from the CEO Index — Finland | 2025 published in February 2026, which covered 183 active CEOs across 184 listed companies as of 29 January 2026.