Ilmarinen is the Defence Owner of the Year 2026

A family transfer twenty years in the making moved 12.18% of Sanoma into a single company. Eight days later, the body that proposes Sanoma's next board had two pension insurers sitting on it — and the family branch that used to hold half its seats held one.

On 9 September 2026, Sanoma disclosed that Robin Langenskiöld and Rafaela Seppälä had transferred their entire shareholdings — 19,928,117 shares, 12.18% of the company — to RR & Co Ab, a newly formed vehicle owned by their children and grandchildren. The price was €7.2428 a share, €144,335,366 in total, executed on Nasdaq Helsinki. The stated purpose was to hold the family's stake under one roof and to avoid, in the filing's words, "avoidable fragmentation of ownership".

Read as a €144 million exit, the trade is misread. Nothing left the family.

The staircase and the cliff

The two siblings arrived at the same destination by opposite routes.

Robin Langenskiöld held 12,273,371 Sanoma shares in July 2006 and 12,273,371 in August 2026 — the same figure in all 239 monthly snapshots of the Listeds register. His percentage drifted from 7.70% to 7.50%, but that was dilution, not disposal. His only change of position came in March 2014, when Antti Herlin added 2,706,979 shares in a single month and moved him from second-largest shareholder to third.

His sister began at 12,273,370 shares — one share fewer, the signature of a divided inheritance. Her holding then fell four times, and each fall is matched, to the share, by increases in holders carrying her family's names:

Four transfers, 4,618,624 shares, each split into exact halves between two branches of descendants — and 12,273,370 less 4,618,624 leaves 7,654,746, the holding she transferred in September. A register records positions rather than counterparties, so the pairing is inference rather than disclosed fact. It is a strong one: a seller's decrease matching two buyers' increases to the single share, four times across fifteen years, is not a market coincidence.

So Seppälä handed her stake down across eighteen years and five tranches. Langenskiöld handed his down in one afternoon, after two decades of not moving a share.

A precedent two lines up the register

This is the second time in three years that a roughly 12% personal holding in Sanoma has been re-papered into a company. Antti Herlin built his stake from 100,000 shares in 2006 to 19,816,800 by March 2023. That April, his name dropped out of the top holders list and Holding Manutas Oy appeared in second place with 19,785,000 shares. The 31,800-share difference has sat under his own name ever since, unchanged.

Sanoma's second- and third-largest positions are therefore now both family holdings inside corporate wrappers, created three years apart by the same logic.

What the consolidation was fixing

By August 2026 this one branch of the family occupied eleven separate lines of Sanoma's register, holding 28,241,098 shares between them — 17.24% of the company, spread across three generations and four surnames. The September transfer gathered 12.18% of that into a single vehicle. The remaining 5.06% stays where it was, held individually by descendants.

That is the argument the filing makes without spelling it out. The fragmentation it sets out to prevent is visible in the register, name by name, and it is the direct product of eighteen years of orderly succession. Handing a stake down in installments preserves a family's economics and slowly dismantles its ability to act as one shareholder. RR & Co Ab is the correction — and the reason the larger position, Langenskiöld's untouched 12,273,371 shares, was never handed down at all until a vehicle existed to receive it.

Two stock exchange releases at 9:00 a.m. on 16 September moved one CFO between two Helsinki large caps that had cut guidance two days apart in July. Terveystalo named no successor and opened the search the same day — twelve days after handing Pajunen a second executive brief. Tieto filled the seat with a sitting CFO, which is the only way the job has been filled in Finland since December 2025.

Terveystalo and Tieto published matching stock exchange releases at 9:00 a.m. EEST on 16 September 2026. Pajunen, Terveystalo's Chief Financial Officer since November 2022, leaves on 15 December 2026 and joins Tieto by 1 January 2027 at the latest, reporting to Endre Rangnes. Terveystalo named no successor and opened the search the same day. The same Tieto release confirmed Johan Enger Nygaard at Tieto Tech Consulting and Bent Philipps at Tieto Indtech from 1 October, both interim since May 2026. 

Tieto's last first-time CFO is leaving; the next one arrives with the title

In August, Listeds counted atleast ten CFO changes across Nasdaq Helsinki and First North between December 2025 and August 2026. Every incoming CFO already held the title at another listed company. None was promoted from inside. None was taking the job for the first time. 

Tomi Hyryläinen, who steps down at the end of December 2026 after nearly eight years, joined Tieto in 2018 from PwC Finland, where he had been an assurance leader and partner. Tieto was his first listed-company CFO seat. Tieto has now filled it with a CFO already running finance at another Helsinki large cap, and before that at AFRY and Pöyry Group. 

Terveystalo widened Pajunen's job twelve days before losing him

Terveystalo reports in three segments today: Healthcare Services, Portfolio Businesses and Sweden. On 4 September it said Portfolio Businesses would be split from 1 January 2027, with Oral Health and Public Partnerships each becoming a reportable segment in their own right, and named Pajunen EVP of Portfolio Businesses until the end of 2026. He was covering for Henri Mäenalanen, who had announced on 29 June that he was leaving on 1 October to run Yliopiston Apteekki. Twelve days after taking the second brief, Pajunen announced his own exit. 

The date lands inside a crowded quarter. The EUR 574 million Silmäasema acquisition is expected to close by late 2026 or in the first quarter of 2027, the four-segment reporting starts on 1 January, and the Shareholders' Nomination Board must deliver its proposals by 1 February 2027. The CFO search runs across all of it.

Ville Iho put it in the company's own words: "Juuso has played a key role in the implementation of Terveystalo's profit improvement program and significant acquisitions, as well as in the development of financial leadership.”

One balance sheet is being levered up, the other handed back

Terveystalo reported first-half revenue of EUR 601.5 million, down 10.0%, adjusted operating profit of EUR 59.8 million, down 29.3%, and earnings per share of EUR 0.24, down 44.4%. On 15 July it cut 2026 adjusted operating profit guidance to EUR 120–140 million from EUR 135–165 million, against EUR 156.3 million delivered in 2025. It has raised its leverage ceiling to 3x net debt to adjusted EBITDA, cut dividend distribution to at least 50% of net result, and committed EUR 275 million in cash plus 36,500,000 new shares to Silmäasema, roughly 22.4% of shares outstanding after completion. 

Tieto reported second-quarter revenue of EUR 426.6 million, down 7.9%, with adjusted operating profit up 45.1% to EUR 63.4 million and margin at 14.9% against 9.4%. It cut its organic growth outlook on 17 July to between –5% and –3% and held the margin range at 14.8–15.8%. 

At Tieto he set the brief himself: "Tieto has a strong position in technological transformation and is well positioned for digital opportunities. At the same time, both Tieto and the entire industry are undergoing rapid changes, driven by AI. I am excited to join this fast-paced industry and believe that, with my broad experience across multiple businesses, I can contribute to the execution of Tieto’s ambitious strategy. As a CFO, I will focus on ensuring profitable growth and value creation while I believe that it all starts with culture."