Glaston's appointment of Tuomo Nuottimäki to its executive leadership team is notable. The restructuring behind it is more so.

The Finnish glass-processing technology company announced today that Nuottimäki will become SVP EMEAI and a member of the executive leadership team, effective July 1. He succeeds Kimmo Kuusela, who leaves the company at the end of June.

At the same time, Glaston is dismantling the regional structure it put in place only a year ago.

The former EMEA and APAC organization will be split into two management areas. Nuottimäki will lead Europe, the Middle East, Africa, and India (EMEAI). China and Southeast Asia will report directly to President and CEO Miika Äppelqvist.

The change reduces the span of control of one of Glaston's largest commercial roles and places responsibility closer to individual markets.

"I am very pleased that we can fill this role from within Glaston with a person who has a thorough knowledge of our customers and industry. Tuomo brings decades of experience to our commercial leadership and is committed to developing how we serve customers and enable growth," Äppelqvist said in the company's stock exchange release.

A key market gets dedicated leadership

The decision matters because EMEA remains Glaston's most important region.

In 2025, EMEA generated around 45 percent of group revenue, compared with 31 percent from the Americas and 24 percent from APAC. For a company whose fortunes are closely tied to customer investment cycles, the region remains the center of gravity.

Most of Glaston's equipment ends up in the architectural glass industry, serving residential and commercial construction markets. Those markets have been weak for an extended period. Customers have postponed investments, demand for new tempering capacity has been limited, and activity in insulating glass equipment has slowed.

Management has pointed to potential support from recovery programs in countries including Germany and Austria. The Middle East also showed signs of improving activity toward the end of 2025.

If demand recovers, EMEA is likely to be one of the first places where it becomes visible in Glaston's order book.

An internal appointment with deep market knowledge

Nuottimäki brings more than 20 years of experience at Glaston and has spent most of his career in customer-facing roles.

Most recently, he led sales across the Middle East, Africa, Southeast Asia, and India. His promotion gives the leadership team someone with long-standing customer relationships across many of the markets that now form the new EMEAI region.

That experience could prove valuable in a market where equipment purchases are infrequent, sales cycles are long, and service relationships often continue for years after an installation is completed.

The appointment also continues a broader pattern within Glaston. Since Äppelqvist became CEO in 2025, the company has largely rebuilt its executive team through a combination of internal promotions and targeted external hires.

Although Nuottimäki is the newest member of the leadership team, his tenure at the company makes him one of its most experienced executives.

China moves closer to the CEO

The other half of the restructuring may prove just as important.

Rather than appointing a separate executive to oversee China and Southeast Asia, Glaston has chosen to place the region directly under Äppelqvist.

That decision reflects the different dynamics facing the business in Asia.

While architectural glass markets remained weak across much of APAC during 2025, China continues to play an important role in automotive glass, solar energy and other segments where glass content is increasing. The electrification of transport and growing investment in energy-efficient technologies continue to support long-term demand for advanced glass processing equipment.

Direct CEO oversight does not necessarily mean further organizational changes are coming. It does suggest that management wants a closer view of developments in a region that remains strategically important despite near-term market weakness.

The timing is challenging

The restructuring comes as Glaston navigates a difficult market environment.

First-quarter net sales fell 21 percent year-on-year to EUR 40.9 million, while orders received declined 14 percent to EUR 40.5 million. Although profitability improved, management maintained guidance that both net sales and comparable EBITA will fall below 2025 levels.

The company has also cited uncertainty around customer investment decisions and geopolitical tensions in the Middle East as factors weighing on demand.

That leaves Nuottimäki with a clear assignment from day one: strengthen commercial execution in the region that contributes nearly half of group revenue while preparing for a recovery that has yet to materialize.

The appointment itself is unlikely to change investor expectations. The organizational structure behind it may. Glaston is placing more accountability in its largest market and bringing Asia closer to the CEO. The first indication of whether that approach is working will come in the second half of 2026, when investors begin looking for signs that orders are recovering.

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Leaders

Glaston redraws its commercial map as Tuomo Nuottimäki joins leadership team

Glaston redraws its commercial map as Tuomo Nuottimäki joins leadership team

·

5 min read

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Credit: Glaston, Tuomo Nuottimäki

Credit: Glaston, Tuomo Nuottimäki

Glaston's appointment of Tuomo Nuottimäki to its executive leadership team is notable. The restructuring behind it is more so.

The Finnish glass-processing technology company announced today that Nuottimäki will become SVP EMEAI and a member of the executive leadership team, effective July 1. He succeeds Kimmo Kuusela, who leaves the company at the end of June.

At the same time, Glaston is dismantling the regional structure it put in place only a year ago.

The former EMEA and APAC organization will be split into two management areas. Nuottimäki will lead Europe, the Middle East, Africa, and India (EMEAI). China and Southeast Asia will report directly to President and CEO Miika Äppelqvist.

The change reduces the span of control of one of Glaston's largest commercial roles and places responsibility closer to individual markets.

"I am very pleased that we can fill this role from within Glaston with a person who has a thorough knowledge of our customers and industry. Tuomo brings decades of experience to our commercial leadership and is committed to developing how we serve customers and enable growth," Äppelqvist said in the company's stock exchange release.

A key market gets dedicated leadership

The decision matters because EMEA remains Glaston's most important region.

In 2025, EMEA generated around 45 percent of group revenue, compared with 31 percent from the Americas and 24 percent from APAC. For a company whose fortunes are closely tied to customer investment cycles, the region remains the center of gravity.

Most of Glaston's equipment ends up in the architectural glass industry, serving residential and commercial construction markets. Those markets have been weak for an extended period. Customers have postponed investments, demand for new tempering capacity has been limited, and activity in insulating glass equipment has slowed.

Management has pointed to potential support from recovery programs in countries including Germany and Austria. The Middle East also showed signs of improving activity toward the end of 2025.

If demand recovers, EMEA is likely to be one of the first places where it becomes visible in Glaston's order book.

An internal appointment with deep market knowledge

Nuottimäki brings more than 20 years of experience at Glaston and has spent most of his career in customer-facing roles.

Most recently, he led sales across the Middle East, Africa, Southeast Asia, and India. His promotion gives the leadership team someone with long-standing customer relationships across many of the markets that now form the new EMEAI region.

That experience could prove valuable in a market where equipment purchases are infrequent, sales cycles are long, and service relationships often continue for years after an installation is completed.

The appointment also continues a broader pattern within Glaston. Since Äppelqvist became CEO in 2025, the company has largely rebuilt its executive team through a combination of internal promotions and targeted external hires.

Although Nuottimäki is the newest member of the leadership team, his tenure at the company makes him one of its most experienced executives.

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China moves closer to the CEO

The other half of the restructuring may prove just as important.

Rather than appointing a separate executive to oversee China and Southeast Asia, Glaston has chosen to place the region directly under Äppelqvist.

That decision reflects the different dynamics facing the business in Asia.

While architectural glass markets remained weak across much of APAC during 2025, China continues to play an important role in automotive glass, solar energy and other segments where glass content is increasing. The electrification of transport and growing investment in energy-efficient technologies continue to support long-term demand for advanced glass processing equipment.

Direct CEO oversight does not necessarily mean further organizational changes are coming. It does suggest that management wants a closer view of developments in a region that remains strategically important despite near-term market weakness.

The timing is challenging

The restructuring comes as Glaston navigates a difficult market environment.

First-quarter net sales fell 21 percent year-on-year to EUR 40.9 million, while orders received declined 14 percent to EUR 40.5 million. Although profitability improved, management maintained guidance that both net sales and comparable EBITA will fall below 2025 levels.

The company has also cited uncertainty around customer investment decisions and geopolitical tensions in the Middle East as factors weighing on demand.

That leaves Nuottimäki with a clear assignment from day one: strengthen commercial execution in the region that contributes nearly half of group revenue while preparing for a recovery that has yet to materialize.

The appointment itself is unlikely to change investor expectations. The organizational structure behind it may. Glaston is placing more accountability in its largest market and bringing Asia closer to the CEO. The first indication of whether that approach is working will come in the second half of 2026, when investors begin looking for signs that orders are recovering.

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Authors

Emmi Laine is head of business content at Listeds and our lead for finance and business coverage. She sets the editorial agenda, interviews Nordic business leaders, and writes stories, newsletters, and social content on timely market and corporate topics. Emmi brings nearly eight years of experience from Shanghai's Yicai Global / Yicai Media Group, where she was awarded for reporting on China’s economy, finance sector, and technology innovation. She holds an MSc in Innovation and Entrepreneurship from ESADE Business School in Barcelona and a Master’s degree in International Design Business Management from Aalto University. She also holds a Bachelor’s degree in Culture Studies with a major in Journalism from Stockholm University and has studied Mandarin Chinese and Chinese culture. Emmi is a Finnish citizen and has lived in Finland, Sweden, China, and Portugal.

Emmi Laine is head of business content at Listeds and our lead for finance and business coverage. She sets the editorial agenda, interviews Nordic business leaders, and writes stories, newsletters, and social content on timely market and corporate topics. Emmi brings nearly eight years of experience from Shanghai's Yicai Global / Yicai Media Group, where she was awarded for reporting on China’s economy, finance sector, and technology innovation. She holds an MSc in Innovation and Entrepreneurship from ESADE Business School in Barcelona and a Master’s degree in International Design Business Management from Aalto University. She also holds a Bachelor’s degree in Culture Studies with a major in Journalism from Stockholm University and has studied Mandarin Chinese and Chinese culture. Emmi is a Finnish citizen and has lived in Finland, Sweden, China, and Portugal.

Devdatta Temgire is a data and business analyst at Listeds. He contributes research, data analysis, and pattern detection to the publication’s coverage of Nordic-listed companies, with a focus on board composition, leadership transitions, and financials. He holds an honors degree in artificial intelligence and data science alongside a bachelor’s in computer engineering, and previously worked at KPMG.

Devdatta Temgire is a data and business analyst at Listeds. He contributes research, data analysis, and pattern detection to the publication’s coverage of Nordic-listed companies, with a focus on board composition, leadership transitions, and financials. He holds an honors degree in artificial intelligence and data science alongside a bachelor’s in computer engineering, and previously worked at KPMG.

Authors

Journalist

Emmi Laine is head of business content at Listeds and our lead for finance and business coverage. She sets the editorial agenda, interviews Nordic business leaders, and writes stories, newsletters, and social content on timely market and corporate topics. Emmi brings nearly eight years of experience from Shanghai's Yicai Global / Yicai Media Group, where she was awarded for reporting on China’s economy, finance sector, and technology innovation. She holds an MSc in Innovation and Entrepreneurship from ESADE Business School in Barcelona and a Master’s degree in International Design Business Management from Aalto University. She also holds a Bachelor’s degree in Culture Studies with a major in Journalism from Stockholm University and has studied Mandarin Chinese and Chinese culture. Emmi is a Finnish citizen and has lived in Finland, Sweden, China, and Portugal.

Devdatta Temgire is a data and business analyst at Listeds. He contributes research, data analysis, and pattern detection to the publication’s coverage of Nordic-listed companies, with a focus on board composition, leadership transitions, and financials. He holds an honors degree in artificial intelligence and data science alongside a bachelor’s in computer engineering, and previously worked at KPMG.

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Investor Event

Listeds Investor Event · Defence

Nordic defence is in a once-in-a-generation growth cycle. Eight listed and pre-IPO companies pitch to 100+ invited investors at Valkoinen Sali, Helsinki

21 September 2026

Latest on Listeds

Market Signals

Nordea expects hiring to turn this winter. Danske sees one vacancy for every nine jobseekers.

Sep 3, 2026

Nordea raised its 2026 growth forecast to 1.7 per cent on 2 September. Danske, forecasting in June, has 1.1 per cent. Both keep unemployment above 10 per cent this year, and sit a percentage point apart on the 2027 ECB rate.

Nordea's upgrade took 2026 up from 1.0% and added 2.0% in both 2027 and 2028. Danske has 0.8% for next year, having cut both years from 1.5 and 1.9% on an energy price shock. 

Some of the gap is just timing. Danske's editorial deadline was 2 June, before Statistics Finland's Q2 flash and before the summer run of data that prompted Nordea's upgrade. The energy-driven downgrade Danske made in June has not so far shown up in the output figures.

What has not moved with the data is the labour market call. Both houses put unemployment above 10% this year, and Danske has it still above 10% in 2027.

Finland, %

Nordea 2026

2027

Danske 2026

2027

GDP

1.7

2.0

1.1

0.8

Unemployment rate

10.4

9.0

10.5

10.1

Government deficit, % of GDP

3.30

2.88

5.0

4.8

Government debt, % of GDP

90.80

92.26

90.9

93.3

ECB deposit rate, end of period

2.75

3.00

2.50

2.00

Nordea forecasts a further year at 2.0% growth in 2028 and unemployment down to 8.0%; Danske's horizon stops at 2027. The 2025 base figures differ slightly, EUR 281.7bn against EUR 280.6bn, so the rates are not measured off the same base.

The rate path is the one split the calendar does not explain

Both houses expect the ECB to raise rates again. They then point in opposite directions.

Nordea forecasts three further 25 basis point moves, taking the deposit rate to 2.75% by year-end and 3.00% in 2027, and says the timing looks wrong for Finland, where consumer price inflation was 2.1% in July with services at 1.7% and goods at 1.1%. Danske forecasts two hikes to 2.50% and then cuts, potentially from spring 2027, back to 2.00% by the end of that year, on the view that the hiking cycle will be much shorter than the last one.

The reasoning behind the shorter cycle is a comparison with 2022. Heidi Schauman, Danske's head of research, argues the starting point is not the same: "This time, the major economies are more balanced". On that reading, price and wage increases are harder to push through than they were four years ago, second-round effects stay modest, and the ECB has less work to do.

That is a full percentage point of difference on the policy rate in eighteen months, and it lands on anyone financing capacity into the recovery. It is also the one line where a June forecast and a September forecast are looking at broadly the same question, because both are calls on what the ECB does next rather than on what Finland did last quarter.

The high unemployment rate is partly a participation story

Listeds flagged the underlying divergence on 3 August: GDP grew 0.9% quarter-on-quarter in Q2 while employed persons fell 1.1% year-on-year and hours worked fell 1.4%, on Statistics Finland's flash data. The revised accounts on 28 August cut that quarterly figure to 0.4%, so the gap between output and hours is narrower than the flash implied, but it has not closed.

Both houses now read that combination as something other than a weak economy, from different directions. Nordea points to output per hour worked rising 2.8% year-on-year in the second quarter, roughly what the previous 18 years delivered combined, and names R&D investment rising since 2018, cheap electricity and moderate wage settlements as durable drivers rather than cyclical ones. Danske points at the denominator: trend unemployment at 10.6% is the highest since 1999, but participation has risen above 69%, a level not seen since the early 1990s, so the rate reflects a growing labour force as much as weak hiring.

Danske is blunter about how thin demand for labour still is, with roughly one job vacancy for every nine unemployed jobseekers, and its Finland economist is explicit that a broader consumption recovery requires employment to improve first. Nordea expects that turn sooner. Its economist Juho Kostiainen dates it: "A positive turn in the labor market is expected next winter", on the back of hiring intentions that have improved clearly this year.

Neither is describing a labour market that has turned yet. Housing tells a similar story: prices for old dwellings fell 3.9% year-on-year in Q2 and Nordea has residential starts down to 15,000, with Danske expecting a fall of 2.8% in prices this year before a 1.0% recovery next.

What it means for boards

Two forecasts, three months apart, agreeing that output is growing and that hiring has not followed. The question for a board is which lever moves first when it does.

If Nordea is right, hiring turns this winter and the market for experienced operators tightens before the Labour Force Survey shows it. If Danske's slower read holds, headcount stays a usable lever well into 2027 and the financing cost of waiting falls rather than rises.

Boards do not have to wait for the quarterly accounts to find out which. Hiring intentions and workforce negotiations move first, and executive appointments move ahead of both. Listeds tracks workforce change negotiations and leadership appointments across Nasdaq Helsinki and First North for exactly this reason. A recovery that shows up in productivity before payroll shows up in mandates before it shows up in the statistics.

One thing to keep in mind. Danske's June numbers predate both the Q2 flash and the revised accounts, and Statistics Finland updates the quarter again on 18 September.

Nordea is a partner in Nordic Listed Leaders which is part of Listeds. They also are a partner in the investor event defence. We retain full editorial control over our coverage.

Leadership Moves

Two new listed CEOs, no search, no external hire

Sep 2, 2026

No Large Cap company changed its chief executive in the first half of 2026. The demergers at UPM and Aspo have produced two new listed-CEO seats anyway — and both went to the parent's own executive, named before the board that will supervise them existed.

Two people will become chief executives of Nasdaq Helsinki-listed companies in the next five months. Neither was recruited. Neither was chosen by the board of the company they will run, because at the time they were appointed that board had not been elected and the company did not yet exist.

Tuija Suur-Hamari becomes President and CEO of WISA Group Plc when UPM's plywood demerger completes, expected on or about 31 October, with trading due to start on 2 November. Matti-Mikael Koskinen becomes CEO of ESL Shipping Group Plc when Aspo's demerger completes on 31 December, with trading expected on or about 4 January 2027

Both are internal. Both were named by the demerging parent's board. And both arrive in a market where, on the Listeds CEO Index — Finland, produced in partnership with SAM Headhunting, the largest Finnish listed companies did not appoint a single new chief executive in either quarter of the first half of 2026.

Two names, both from inside

Suur-Hamari has run UPM Plywood since 1 November 2025 at the latest, on an appointment announced on 17 April 2025. She joined UPM from Wihuri, where she had been Managing Director of Wipak Oy since 2016, and before that was President and CEO of Kotkamills Oy. Born in 1969, she holds a Master's degree in engineering from Helsinki University of Technology. WISA will be her first listed-company chief executive role, and it arrives almost exactly a year after she joined UPM.

Koskinen has been Managing Director of ESL Shipping Ltd since 1 May 2013, appointed at the age of 41 from Meriaura, where he had been Managing Director since 2007. Thirteen years in the same operating role, and the company he runs is being listed around him.

Neither is a first-time chief executive. Both are first-time listed-company chief executives, and neither reached the seat through a search.

Against a market that stopped hiring at the top

The index recorded 12 new CEO starts in the second quarter of 2026 and 25 across the first half, an annualised pace of about 50 against 44 for all of 2025. Every one of the Q2 starts happened below Large Cap: seven Small Cap, four First North, one Mid Cap. Large Cap recorded zero changes for a second consecutive quarter, a year after more than a third of that tier replaced its CEO.

Set the demerger appointments against that and the pattern is consistent rather than contrary. External hires were 50% of Q2 starts, or 60% of the ten starts that actually changed the leader. The two demerger appointments are internal promotions, the share of external hires on seats created by corporate structure so far is zero. Where boards did hire in Q2, the average age at start was about 54, roughly four years above the age at which the sitting population first took the role. A 1969 birth year puts Suur-Hamari at 56 or 57 on day one; Koskinen, 41 in March 2013, will be in his mid-fifties.

So the demerger wave is not widening the pool. It is creating seats and filling them with the profile Finnish boards were already buying.

One thing it does change: Suur-Hamari will be one of a small number of women running a Nasdaq Helsinki-listed company. Women held 8.1% of the 186 sitting CEO roles at 30 June, and one of the 25 first-half starts. The CEO index already records two women taking up CEO roles in the third quarter; WISA adds a fourth-quarter one, and it arrives by demerger rather than by succession.

The seat is created by a structural vote, not a succession decision

Under the Finnish Corporate Governance Code, appointing the chief executive is the board's own duty. A demerger inverts the sequence, unavoidably. UPM announced Suur-Hamari as WISA's President and CEO on 29 April. Tapio Korpeinen as chair, Mats Nordlander as deputy chair, and Sakari Ahdekivi, Frank Herrmann, Nina Kiviranta and Emmanuelle Picard were elected as board members by UPM's extraordinary general meeting six weeks later, on 31 August. Aspo's board intended that Rolf Jansson will be elected as Chair of the Board and Matti-Mikael Koskinen as CEO of ESL Shipping Group on 3 August; ESL Shipping Group's own board will not be elected until the extraordinary general meeting on 7 December, four months after the fact.

Shareholders in both cases vote on a structure. The chief executive comes attached to it.

That is not a criticism of any of the people named — there is no other way to staff a company that does not yet exist. 

Valmet is the one that would break the freeze

WISA and ESL Shipping Group are not Large Cap businesses. WISA reported EUR 409 million in plywood sales in 2025; ESL Shipping Group generated EUR 178.4 million over the twelve months to June 2026, and Telko Group EUR 294.6 million.

Valmet is a different order. Its board announced on 24 July that it would review separating Biomaterial Solutions and Services from Process Performance Solutions into two listed companies. Process Performance Solutions runs at roughly EUR 1.7 billion in annual net sales after the Severn acquisition, with close to 70% of that now outside pulp and paper. Group net sales were about EUR 5.2 billion in 2025, leaving Biomaterial Solutions and Services as much the larger of the two, though Valmet has not disclosed a standalone figure for it in this release. Chair Pekka Vauramo said the board would proceed only if separation proved "clearly in the best interests of our shareholders." An update is due no later than the full-year 2026 results.

If it happens, one board decision produces two Large Cap-scale chief executive seats in a tier that recorded no CEO change at all in the first half of 2026. No leadership has been named for either. President and CEO Thomas Hinnerskov runs both today.

There is a second thing to watch at Valmet. CFO Katri Hokkanen leaves at the end of September; her successor Pia Aaltonen-Forsell arrives at the latest at the end of January 2027, and no interim arrangement has been disclosed. The company is weighing a two-company split across that gap.

The seat nobody has named

Aspo's demerger creates one more chief executive question than it answers. Rolf Jansson has been Aspo's CEO and, since 23 January 2026, also Managing Director of Telko. He is intended to be elected chair of ESL Shipping Group's board. Who leads Telko Group Plc, the continuing company, renamed, is not disclosed in the demerger plan. The prospectus is due in November.

What to watch

Three things follow for boards and nomination committees.

A demerger is a leadership decision at least a year before it is a market event. The CEO, the leadership team and the board of a company that will not trade until 2027 were all settled in the summer of 2026, and shareholders approved them inside a structural vote.

The route does not widen the pipeline. Every demerger-created seat named so far has gone to an executive already inside the parent, at the age profile Finnish boards have been favouring anyway.

And the counting matters. These starts land in the Q4 2026 and Q1 2027 CEO Index, not the current one, which means the index will register CEO appointments that no board actually searched for. Whether Valmet adds two Large Cap entries to that count is the open question of the next two quarters.

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