A generational shift is underway in Finnish listed companies, but it is happening at the edges rather than at the core, according to the latest CEO Index — Finland | Q1 2026, produced in partnership with SAM Headhunting.

New CEO appointments in the first quarter of 2026 point to a clear change in profile. The average age of newly appointed CEOs dropped to 49-50 years, as much as five years below the overall CEO population, which stands at 53-54. At first glance, this suggests a meaningful renewal of leadership. Look closer, however, and the broader structure changes far more slowly.

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

The emphasis on operational capability is visible across appointments. Several of the new CEOs have stepped directly from senior execution roles: Anna Wäck at Sitowise was previously executive vice president for digital solutions, Juho Ahosola at Talenom served as deputy CEO, and Markku Taskinen at Dovre Group led a subsidiary as CEO of Suvic. 

Others bring similarly hands-on experience, such as Matti Erkheikki at QPR Software, who was chief product officer, and Pauli Anttila at EcoUp, who stepped up from the CFO role. These are not outsiders brought in to redefine strategy, but operators with deep familiarity in running businesses and delivering results. In a context where most of the companies in question reported declining profitability, this is not surprising.

“While some companies are undergoing significant changes, these should be viewed in the light of longer-term sector pressures. Industrial transformation, regulatory demands in financial services, and profitability pressures continue to shape leadership decisions,” says Taru From, senior partner at SAM Headhunting.

From also points to a clear shift in what companies are asking for. “Nearly every leadership search now asks for a step change and for renewal. Companies are looking for leaders who can bring, create, and lead through change. That means having a clear vision, alongside the experience and track record to back it up.”

Continuity beneath the surface

What is more striking is what has not changed. Despite the influx of younger leaders, diversity metrics remain largely static. Women account for just 8.8% of all CEOs and 7.7% of new appointments in the quarter. Nationality follows a similar pattern. While new hires are slightly more international, the CEO population is still overwhelmingly Finnish, at more than four out of five.

This creates a clear divide between entry and structure. Renewal is happening at the point of selection, but it is not yet reshaping the system itself.

A similar pattern is visible across Europe. Data from European listed companies show that while a slight majority of CEO appointments in 2025 were external, larger firms continued to rely heavily on internal candidates, with two-thirds of appointments in companies above $20 billion coming from within (Spencer Stuart, 2025). This reflects a broader preference for continuity across Europe, as boards invest in succession pipelines and promote leaders with proven operational experience.

Individual cases illustrate the shift in age. Juho Ahosola of Talenom and Anna Wäck of Sitowise, both born in 1988, represent a move toward earlier leadership transitions. At the same time, appointments such as Teppo Paavola at Enento show that experience remains in demand, particularly in roles requiring financial and technological depth.

The result is not a clean break between generations, but a layering of profiles. Younger CEOs are entering the system, yet they are doing so within a framework that continues to favor familiar backgrounds and networks.

For boards, this raises a more strategic question. If the goal is adaptability in uncertain markets, is refreshing the age profile enough? Or does real renewal require a deeper shift in how leadership potential is defined and sourced?

For now, the data suggest a cautious answer. Finnish companies are opening the door to a younger generation of CEOs. They are just not changing the room that those leaders walk into.