Leadership movements accelerated with more exits across Finnish listed companies in November from a month ago, with the most significant activity coming from Dovre Group, Titanium Oyj, WithSecure Oyj, Harvia Group, and Summa Defence, according to Listeds data.

These five companies — spanning renewable energy, cybersecurity, and defence technology — accounted for the largest number of leadership changes during the month. Together, their transitions reinforce a familiar pattern: organisations facing commercial or operational pressure tend to be the most active in reshaping their leadership structures.

Dovre, which offers project management services and builds solar and wind parks, emerged as the most active company by a wide margin, posting eight leadership changes. The company added three board members, removed two, and strengthened its management team with three title reconfigurations, including naming Timo Saarinen acting CEO and interim CFO. 

Dovre’s timing matched a challenging quarter. In the third quarter, Dovre’s revenue fell 10 percent to EUR 32.3 million, and EBIT was negative at EUR -8.7 million, underlining the pressure to regain operational traction. 

Finnish media has monitored the rapid exits at Dovre and Summa Defence with interest — we return to this later — after Journalist Kyösti Jurvelin described management retention at both companies as a “complete mess” in Talouselämä in late November.

After Dovre, investment company Titanium and cybersecurity provider WithSecure follow on the Listeds ranking of fast movers, each recording six leadership changes. At Titanium, all movements took place within management, split evenly between three removals and three additions, including the appointments of interim CEO Katarina Rosenström and CFO Julia Dannberg. WithSecure’s six changes were concentrated at the board level, with four removals and two additions, reflecting a focused governance refresh in a competitive cybersecurity landscape.

Harvia, ranked fourth, recorded five leadership changes in November, combining three board role changes (even though all internal) with one management departure and one addition. The movements came as Harvia delivered a strong third quarter: revenue grew 19 percent, with all segments expanding more than 10 percent and North America rebounding sharply. The expanded board and refreshed management structure signalled Harvia’s intent to support continued international growth while maintaining governance fit for an increasingly competitive global sauna market.

Summa Defence, ranked fifth, recorded four leadership changes, consisting of three management removals and one addition, namely interim CEO Timo Huttunen. Huttunen commented on the management overhaul to Kauppalehti earlier this month: “After appointing a new CEO, it is logical to have organizational changes… something needs to change to move things around at Summa Defence.” 

Summa Defence’s third quarter provides useful context: revenue rose 23.4 percent to EUR 23.2 million, but profitability weakened sharply, with EBITDA falling to EUR -2.9 million following a renewable energy inventory write-down and the sale of Meriaura’s marine logistics. Against this backdrop, the November changes reflected a tightening of operational leadership during a demanding period.

November’s total of 62 moves across boards and management teams was characterised by deliberate recalibration. As 2026 approaches, the month’s reshuffles show companies positioning themselves to navigate a more complex operating environment with clearer governance and reinforced executive teams.

Discover more signals coming from companies such as these on the Listeds data platform here.