The digital and legal appointments announced on 18 August complete a set. People, finance, digital and legal, four of nine Executive Board functions, have a new holder named in 2026. The chief executive, operating, revenue, customer and communications seats have not moved. The rebuild is running from the strongest quarter Finnair has reported, and from a general meeting that rejected the company's pay report with 90 percent of the votes represented against it.

Finnair appointed Arti Zeighami, 55, as Chief Digital Officer from 19 August 2026, and Kaarina Ståhlberg, 59, as Senior Vice President and General Counsel from 31 August 2026. Both join the Executive Board and report to CEO Turkka Kuusisto. Zeighami succeeds Antti Kleemola, who supports the handover until the end of September. Ståhlberg succeeds Sami Sarelius, who continues as an executive advisor to Finnair until the end of the year.

The two profiles do not overlap, and neither comes from aviation. Zeighami was most recently Partner and Director at Boston Consulting Group working on the scaling of artificial intelligence, and before that Chief Data and Analytics Officer at H&M Group.

Ståhlberg holds a Master of Laws, was Assistant General Counsel at Nokia and General Counsel at both Posti Group and Fortum, and sits on the boards of Finnish listed companies like Aspo, Finnair, Fiskars group, Vincit.

Four of nine functions changed. None of them touch daily commercial execution.

Finnair discloses a nine-member Executive Board covering products and customers, revenue, operations, digital services, finance and strategy, people and culture, communications, and legal affairs. Four of those have a new holder named this year.

Two of the four are already in the job. Sini Kivekäs became Chief People Officer and joined the Executive Board on 2 June, the day Kaisa Aalto-Luoto left it, four months after Finnair disclosed the departure on 19 January.

Ståhlberg starts in legal on 31 August. Finance follows on 1 November, when Jussi Siitonen becomes Chief Financial Officer in place of Pia Aaltonen-Forsell, who is leaving for the same role at Valmet.

The finance change carried a governance step. Siitonen was re-elected to the Board of Directors on 24 March and resigned from it on 24 July, the day his appointment was announced. Crossing from a non-executive seat to an executive one requires exactly that, and the board consequently runs with seven of the eight directors elected in March until the next general meeting.

The rebuild is being done from a record quarter, not a bad one

Second-quarter revenue was EUR 916.7 million, up 16.4 percent from EUR 787.7 million. The comparable operating result was EUR 78.4 million against EUR 10.3 million a year earlier, and passenger numbers rose 7.6 percent to 3.314 million.

Across the half year, revenue reached EUR 1,694.8 million from EUR 1,481.9 million, and the comparable operating result turned to EUR 77.8 million from a loss of EUR 52.3 million. The first quarter had already improved, with revenue up 12.1 percent to EUR 778.1 million and a comparable operating result of EUR -0.6 million.

Finnair raised its 2026 outlook on 22 July to revenue of EUR 3.4 to 3.5 billion and a comparable operating result of EUR 120 to 190 million, assuming no material disruption to fuel availability. Kuusisto called the quarterly figure "a record-high 78.4 million euros", which is the company's characterisation of its own result. July passenger volume rose 9.3 percent year on year.

Enabling functions are often rebuilt after a shock. These are being rebuilt while the numbers improve.

The board survived the March general meeting intact. The pay report did not

The shareholders' nomination board proposed an unchanged board on 15 January, and the meeting on 24 March re-elected all eight directors, with Sanna Suvanto-Harsaae as chair and Mika Ihamuotila as vice chair. The 2025 accounts were adopted.

The remuneration report was rejected. Of the 140,441,158 shares and votes represented at the meeting, 126,215,985 were cast against approving it, approximately 94 percent of the votes cast in advance voting and approximately 90 percent of those represented. The minutes record that the resolution was advisory, that the rejection does not oblige Finnair to prepare a new report, and that it does not affect remuneration decisions already made. Rejections at this scale are uncommon in Finland.

Three dates decide whether the rebuild reads as strength

The third-quarter report in October is the first with the digital seat filled. The finance handover lands on 1 November. The 2027 nomination board proposal, due in January, is the first read on whether shareholders who rejected the pay report intend to press further. Whether four function changes in eight months speed execution or slow it remains an open question.

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Leaders

Finnair rebuilt four enabling functions in eight months and left the commercial core untouched

Finnair rebuilt four enabling functions in eight months and left the commercial core untouched

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5 min read

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Credit: Finnair

Credit: Finnair

The digital and legal appointments announced on 18 August complete a set. People, finance, digital and legal, four of nine Executive Board functions, have a new holder named in 2026. The chief executive, operating, revenue, customer and communications seats have not moved. The rebuild is running from the strongest quarter Finnair has reported, and from a general meeting that rejected the company's pay report with 90 percent of the votes represented against it.

Finnair appointed Arti Zeighami, 55, as Chief Digital Officer from 19 August 2026, and Kaarina Ståhlberg, 59, as Senior Vice President and General Counsel from 31 August 2026. Both join the Executive Board and report to CEO Turkka Kuusisto. Zeighami succeeds Antti Kleemola, who supports the handover until the end of September. Ståhlberg succeeds Sami Sarelius, who continues as an executive advisor to Finnair until the end of the year.

The two profiles do not overlap, and neither comes from aviation. Zeighami was most recently Partner and Director at Boston Consulting Group working on the scaling of artificial intelligence, and before that Chief Data and Analytics Officer at H&M Group.

Ståhlberg holds a Master of Laws, was Assistant General Counsel at Nokia and General Counsel at both Posti Group and Fortum, and sits on the boards of Finnish listed companies like Aspo, Finnair, Fiskars group, Vincit.

Four of nine functions changed. None of them touch daily commercial execution.

Finnair discloses a nine-member Executive Board covering products and customers, revenue, operations, digital services, finance and strategy, people and culture, communications, and legal affairs. Four of those have a new holder named this year.

Two of the four are already in the job. Sini Kivekäs became Chief People Officer and joined the Executive Board on 2 June, the day Kaisa Aalto-Luoto left it, four months after Finnair disclosed the departure on 19 January.

Ståhlberg starts in legal on 31 August. Finance follows on 1 November, when Jussi Siitonen becomes Chief Financial Officer in place of Pia Aaltonen-Forsell, who is leaving for the same role at Valmet.

The finance change carried a governance step. Siitonen was re-elected to the Board of Directors on 24 March and resigned from it on 24 July, the day his appointment was announced. Crossing from a non-executive seat to an executive one requires exactly that, and the board consequently runs with seven of the eight directors elected in March until the next general meeting.

The rebuild is being done from a record quarter, not a bad one

Second-quarter revenue was EUR 916.7 million, up 16.4 percent from EUR 787.7 million. The comparable operating result was EUR 78.4 million against EUR 10.3 million a year earlier, and passenger numbers rose 7.6 percent to 3.314 million.

Across the half year, revenue reached EUR 1,694.8 million from EUR 1,481.9 million, and the comparable operating result turned to EUR 77.8 million from a loss of EUR 52.3 million. The first quarter had already improved, with revenue up 12.1 percent to EUR 778.1 million and a comparable operating result of EUR -0.6 million.

Finnair raised its 2026 outlook on 22 July to revenue of EUR 3.4 to 3.5 billion and a comparable operating result of EUR 120 to 190 million, assuming no material disruption to fuel availability. Kuusisto called the quarterly figure "a record-high 78.4 million euros", which is the company's characterisation of its own result. July passenger volume rose 9.3 percent year on year.

Enabling functions are often rebuilt after a shock. These are being rebuilt while the numbers improve.

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The board survived the March general meeting intact. The pay report did not

The shareholders' nomination board proposed an unchanged board on 15 January, and the meeting on 24 March re-elected all eight directors, with Sanna Suvanto-Harsaae as chair and Mika Ihamuotila as vice chair. The 2025 accounts were adopted.

The remuneration report was rejected. Of the 140,441,158 shares and votes represented at the meeting, 126,215,985 were cast against approving it, approximately 94 percent of the votes cast in advance voting and approximately 90 percent of those represented. The minutes record that the resolution was advisory, that the rejection does not oblige Finnair to prepare a new report, and that it does not affect remuneration decisions already made. Rejections at this scale are uncommon in Finland.

Three dates decide whether the rebuild reads as strength

The third-quarter report in October is the first with the digital seat filled. The finance handover lands on 1 November. The 2027 nomination board proposal, due in January, is the first read on whether shareholders who rejected the pay report intend to press further. Whether four function changes in eight months speed execution or slow it remains an open question.

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Authors

Founder and ceo

Helene Auramo is a co-founder of Listeds and Nordic Listed Leaders. She has previously co-founded Slush, Indiedays, Zipipop, and Okimo Clinic, building ventures at the intersection of media, technology, and community. She holds board positions at the Finnish Business School Graduates (Suomen Ekonomit) and Finnvera, and serves as Chair of the Investment Committee at the Finnish Business School Graduates. Helene is also a columnist for Talouselämä, Finland’s leading business magazine, and Aamulehti, one of the country’s largest newspapers. Her work focuses on leadership, growth, and the structures that shape decision-making in Nordic companies. She was awarded Future Board Member of the Year in 2022 by Future Board.

Founder and ceo

Helene Auramo is a co-founder of Listeds and Nordic Listed Leaders. She has previously co-founded Slush, Indiedays, Zipipop, and Okimo Clinic, building ventures at the intersection of media, technology, and community. She holds board positions at the Finnish Business School Graduates (Suomen Ekonomit) and Finnvera, and serves as Chair of the Investment Committee at the Finnish Business School Graduates. Helene is also a columnist for Talouselämä, Finland’s leading business magazine, and Aamulehti, one of the country’s largest newspapers. Her work focuses on leadership, growth, and the structures that shape decision-making in Nordic companies. She was awarded Future Board Member of the Year in 2022 by Future Board.

Sayali Mahurkar is a Junior Data and Business Analyst at Listeds, where she supports research, insights and data validation. She holds a Master’s in Statistics and Data Science, and has previously interned at Morgan Stanley and The Reserve Bank of India.

Sayali Mahurkar is a Junior Data and Business Analyst at Listeds, where she supports research, insights and data validation. She holds a Master’s in Statistics and Data Science, and has previously interned at Morgan Stanley and The Reserve Bank of India.

Authors

Founder and ceo

Helene Auramo is a co-founder of Listeds and Nordic Listed Leaders. She has previously co-founded Slush, Indiedays, Zipipop, and Okimo Clinic, building ventures at the intersection of media, technology, and community. She holds board positions at the Finnish Business School Graduates (Suomen Ekonomit) and Finnvera, and serves as Chair of the Investment Committee at the Finnish Business School Graduates. Helene is also a columnist for Talouselämä, Finland’s leading business magazine, and Aamulehti, one of the country’s largest newspapers. Her work focuses on leadership, growth, and the structures that shape decision-making in Nordic companies. She was awarded Future Board Member of the Year in 2022 by Future Board.

Sayali Mahurkar is a Junior Data and Business Analyst at Listeds, where she supports research, insights and data validation. She holds a Master’s in Statistics and Data Science, and has previously interned at Morgan Stanley and The Reserve Bank of India.

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Leadership Moves

SRV names Jarkko Salmenoja and Marko Palonen to its executive team in a four-area reorganisation

Oct 5, 2026

SRV Group has reorganised into four business areas from 1 October 2026 and added two members to its Corporate Executive Team. Jarkko Salmenoja becomes SVP, Data Centres, and Marko Palonen, most recently YIT's regional director for Northern Finland, becomes SVP, Northern Finland at the start of 2027.

Data centres move from a unit to a business area of their own

Until now, Data Centres sat inside the Business Premises, Helsinki Metropolitan Area business area. It now runs as a separate business area responsible for nationwide development, customer relationships and project delivery. Salmenoja has worked at SRV since August 2025 and previously held senior management roles at NCC, WSP Finland and YIT.

The pipeline explains the promotion. In March, SRV agreed to build a data centre in Lahti for Singapore-based DayOne, a contract expected to lift the order backlog by about 35% from the level in the fourth-quarter 2025 report. In December 2025, it started the EUR 54 million implementation phase of the LUMI AI Factory data centre in Kajaani with CSC. First-quarter 2026 order intake reached EUR 395.4 million, the highest of the decade, with DayOne named as a driver.

“Alongside our already strong contracting business, we seek growth in data centre construction, whose exceptionally large and rapidly growing market we have highlighted previously,” says Saku Sipola, President and CEO of SRV, in the press release.

Three regions now carry both residential and non-residential work, with an outside hire for the north

The Southern Finland, Western and Central Finland, and Northern Finland business areas are each responsible for both non-residential and residential construction in their markets. Jouni Forsman leads Southern Finland and Tero Karislahti leads Western and Central Finland. 

Palonen is the external addition. He served for an extended period as YIT's regional director for Northern Finland and before that at Lemminkäinen. Project development, leasing and transactions for non-residential work are combined into one unit under Jorma Seppä, while the roughly 100-person Building Services unit moves to Internal Services.

“Geographically, we are strengthening our local presence across Finland and seeking growth beyond our current operating areas in Northern Finland, on the West Coast and in the Uusimaa region in both contracting and residential construction,” says Sipola.

The new structure has to deliver nearly all of SRV's 2026 profit in the second half

SRV broke even at the operative level in the first half, on revenue of EUR 340.2 million. The company guides 2026 revenue above EUR 800 million and operative operating profit of EUR 10 to 20 million, backed by an order backlog of EUR 1,023.9 million at the end of June. That leaves at least EUR 460 million of revenue and the full profit target for the second half, the period the new business areas start in.

Salmenoja takes over a business area with two named projects already in delivery, in Lahti and Kajaani, and Palonen arrives in January to build a region SRV wants to grow. The full-year results in early 2027 will be the first test of whether four business areas change SRV's profit, not just its reporting lines. 

Leadership Moves

Elecster keeps leadership inside the board as Juuso Halonen becomes CEO

Oct 2, 2026

Elecster's board has named Deputy CEO Juuso Halonen as chief executive from 1 December 2026. Arto Kinnunen, CEO since 2017 and with the group for more than 30 years, leaves the role on 30 November and stays on as management advisor. On the same day, CFO Veronika Halonen becomes deputy CEO, eleven months after taking the finance role.

The March deputy appointment was the succession plan

On 5 March, Elecster appointed Halonen deputy CEO and a member of the management team from 30 March, reporting to Kinnunen. The stated remit was global sales and marketing and the development of management systems. Seven months later, the board has confirmed what that move signalled.

Halonen is an insider in every sense. He joined the group in 2011, has been CIO since 2019 and has sat on the board since 2024. At the time of the March appointment he held 32,705 Elecster shares. The company says Kinnunen's advisory role is meant to secure continuity through the year-end financial statement process, which places the first results under the new CEO in early 2027.

“Juuso knows Elecster, its business, personnel and international operating environment very well. The Board believes that his long experience with the company and the close work with Arto in recent months create a strong foundation for transferring the CEO's responsibility and further developing Elecster's operations,” says Jukka Halonen, Chairman of the Board, in the press release.

“I am pleased that the change of CEO can be implemented in a planned and controlled manner. I have worked closely with Juuso, and I can confidently transfer the responsibility of CEO to him,” says Arto Kinnunen.

He inherits a company whose order book has halved since March

The numbers Halonen takes over are thin. First-half 2026 revenue fell around 5.2% to EUR 15.8 million, and operating profit dropped to EUR 0.1 million from EUR 0.5 million a year earlier. The order backlog stood at EUR 4.8 million at the end of June, down from EUR 8.6 million at the end of March, as the Middle East conflict delayed customer investment decisions. A fire at the Kenyan subsidiary in Nairobi added around EUR 0.4 million in one-off costs.

The longer trend points the same way. Full-year 2025 revenue fell around 3.6% to EUR 32.7 million, and operating margin narrowed to 3.0% from 4.7%. The April AGM approved no dividend. The Russian packaging business, which the company says it will keep running for now, is the risk it flags most directly in the H1 report. Elecster still guides for revenue growth and improved earnings per share in 2026.

Halonen's own priorities match the gap. He names international sales and marketing, the service business and presence in core markets as the areas to develop, while keeping profitability as a cornerstone.

“Reliability, customer focus and profitability remain the cornerstones of our operations. At the same time, we must develop international sales and marketing, service business, our products and operating methods, and strengthen our presence and customer cooperation in our key market areas,” says Juuso Halonen in the press release.

Halonen family will hold both top executive roles and four of six board seats

The appointment concentrates leadership further. The board elected at the April 2026 AGM has six members: Aija Bärlund, Jarmo Halonen, Jukka Halonen as chair, Juuso Halonen, Veronika Halonen and Timo Kangas. From December, the CEO and deputy CEO will both come from that board.

“With her analytical and dynamic approach, Veronika Halonen has taken on the responsibilities of her current position well, and with this appointment as Deputy CEO, we are clarifying the Group's overall management structure,” says Jukka Halonen.

For a company of Elecster's size, an internal successor with seven months of supervised handover is a defensible choice. It also means the board chose continuity over an external search at a point when the business needs commercial renewal. Whether that trade pays off will show first in the order book, not in the governance chart.

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