Jussi Siitonen, CFO and deputy CEO of Fiskars Group, will join Finnair as chief financial officer on November 1, 2026, as the airline enters the next phase of its turnaround with stronger earnings, higher revenue expectations and an ambitious multi-year growth strategy. He succeeds Pia Aaltonen-Forsell, who is leaving after roughly a year in the role to join another employer.
Siitonen, 57, has served on Finnair's board of directors since 2024 and stepped down from the board on the day his appointment was announced. He replaces Aaltonen-Forsell, who joined the flag carrier in August 2025. Her next destination was revealed the same day, with Valmet appointing her as CFO and a member of its executive leadership team, effective no later than the end of January 2027.
The CFO appointment is the latest step in a broader reshaping of Finnair's leadership. Over the past eighteen months, the airline has appointed Sini Kivekäs as chief people officer, refreshed several board positions and completed another governance cycle at its 2026 AGM. Unlike many companies undergoing significant executive turnover, Finnair is refreshing its leadership while financial performance is improving rather than deteriorating.
A board insider moves into one of Finnair's most important roles
Few incoming finance chiefs arrive with the level of familiarity Siitonen already has with the company. Alongside his executive career at consumer goods company Fiskars Group, he has spent the past two years on Finnair's board, where he most recently served on the audit committee. That gives him an understanding of the airline's strategy, capital allocation priorities and industry challenges before formally taking responsibility for its finances.
For Finnair, the appointment also brings continuity to a finance function that has changed rapidly. Aaltonen-Forsell's departure marks the airline's second CFO transition since mid-2025. Between Kristian Pullola's exit, Aaltonen-Forsell's short tenure and Siitonen's arrival, Finnair will have had three CFOs in just over a year.
The finance function is changing at a very different moment than it was a year ago. When Aaltonen-Forsell joined, Finnair was still working to restore profitability following years of disruption to its long-haul business. Today, the airline is reporting stronger operating performance while beginning to execute a new long-term strategy.
CEO Turkka Kuusisto thanked Aaltonen-Forsell for her contribution and welcomed Siitonen to the finance chief role. "I warmly thank Pia for her short but distinguished time at Finnair and wish her the best of success also in future," he said.
"At the same time, I warmly welcome Jussi to Finnair,” Kuusisto added. Through his role on Finnair's Board, Jussi has a thorough understanding of our strategy and industry, which creates a strong foundation for rapid value creation in the key role of CFO.”
Siitonen said his priority will be ensuring Finnair's financial position supports its long-term ambitions. Having served on the board, he said he already understands the company's high standards and sees the CFO's role as providing the financial foundation needed to achieve them.
A stronger business, but a more complex operating environment
Siitonen inherits a business whose financial trajectory has improved sharply over the past year.
Finnair reported second-quarter revenue of €916.7 million, an increase of over 16% from the same period a year earlier, while comparable operating profit climbed to €78.4 million from €10.3 million. The recovery has been equally visible over the first half of the year, with revenue increasing over 14% to €1.69 billion and the comparable operating result improving to a profit of €77.8 million from a loss of €52.3 million in the first half of 2025.
The stronger performance prompted management to raise its full-year revenue guidance to €3.4 billion-€3.5 billion from €3.3 billion-€3.4 billion, while maintaining its comparable operating profit outlook of €120 million-€190 million.
The outlook is not without trade-offs, however. While management has become more optimistic about revenue, it has reduced planned capacity growth for 2026 from roughly 5% to around 1% as Middle East route suspensions and continuing network adjustments weigh on the flying programme. The revised outlook suggests Finnair expects stronger pricing, ancillary revenue and network optimization—not additional capacity—to underpin second-half performance.
Underlying operating trends have remained supportive. Passenger numbers increased over 7% during the first quarter, while June traffic data showed passenger volumes rising 9%, revenue per available seat kilometre increasing over 10% and cargo volumes growing more than 20%. On-time performance, however, declined because of weather disruption across Europe.
What Finnair is trying to accomplish
Finnair's board approved a new strategy covering 2026-2029 in late 2025, marking a shift from recovery toward profitable, disciplined growth.
Rather than relying primarily on network expansion, management is targeting higher-quality earnings by growing ancillary revenue, strengthening digital retailing capabilities, expanding its loyalty program and automating customer-facing processes. The strategy also calls for continued investment in service quality while improving capital efficiency and financial returns.
The financial targets are equally ambitious. By 2029, Finnair aims to deliver a comparable EBIT margin of 6%-8%, achieve annual passenger demand growth of around 4%, invest €2 billion-€2.5 billion across the business, maintain net debt at one to two times comparable EBITDA and keep cash equivalent to at least 20% of annual sales.
The operational agenda supporting those targets is already underway. Finnair is renewing its fleet with 18 Embraer E195-E2 aircraft, plans to lease six Airbus A320ceo aircraft, has resumed services to Turku and Tampere and continues adapting its route network to geopolitical constraints and fuel-price uncertainty.
That makes the finance function central to the company's strategy. Beyond financial reporting, the CFO will oversee the capital allocation, balance-sheet discipline and investment decisions needed to fund growth while preserving financial flexibility during a period of continued operational uncertainty.
Investor watchpoints
Investors are likely to focus on three themes over the coming quarters.
First, the CFO transition spans Finnair's third-quarter reporting period, making continuity in financial communication an immediate consideration.
Second, Siitonen's appointment leaves a vacancy on the board, with no replacement yet announced.
Finally, revenue guidance has been raised even as planned capacity growth has been reduced from roughly 5% at the start of the year to around 1%. That combination suggests stronger unit economics are expected to support the second half, although the company has not explicitly attributed the revised guidance to those factors. The pace of executive change also remains unusually high, leaving Siitonen to provide continuity as Finnair shifts from recovery to executing its new strategy.
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Jussi Siitonen, CFO and deputy CEO of Fiskars Group, will join Finnair as chief financial officer on November 1, 2026, as the airline enters the next phase of its turnaround with stronger earnings, higher revenue expectations and an ambitious multi-year growth strategy. He succeeds Pia Aaltonen-Forsell, who is leaving after roughly a year in the role to join another employer.
Siitonen, 57, has served on Finnair's board of directors since 2024 and stepped down from the board on the day his appointment was announced. He replaces Aaltonen-Forsell, who joined the flag carrier in August 2025. Her next destination was revealed the same day, with Valmet appointing her as CFO and a member of its executive leadership team, effective no later than the end of January 2027.
The CFO appointment is the latest step in a broader reshaping of Finnair's leadership. Over the past eighteen months, the airline has appointed Sini Kivekäs as chief people officer, refreshed several board positions and completed another governance cycle at its 2026 AGM. Unlike many companies undergoing significant executive turnover, Finnair is refreshing its leadership while financial performance is improving rather than deteriorating.
A board insider moves into one of Finnair's most important roles
Few incoming finance chiefs arrive with the level of familiarity Siitonen already has with the company. Alongside his executive career at consumer goods company Fiskars Group, he has spent the past two years on Finnair's board, where he most recently served on the audit committee. That gives him an understanding of the airline's strategy, capital allocation priorities and industry challenges before formally taking responsibility for its finances.
For Finnair, the appointment also brings continuity to a finance function that has changed rapidly. Aaltonen-Forsell's departure marks the airline's second CFO transition since mid-2025. Between Kristian Pullola's exit, Aaltonen-Forsell's short tenure and Siitonen's arrival, Finnair will have had three CFOs in just over a year.
The finance function is changing at a very different moment than it was a year ago. When Aaltonen-Forsell joined, Finnair was still working to restore profitability following years of disruption to its long-haul business. Today, the airline is reporting stronger operating performance while beginning to execute a new long-term strategy.
CEO Turkka Kuusisto thanked Aaltonen-Forsell for her contribution and welcomed Siitonen to the finance chief role. "I warmly thank Pia for her short but distinguished time at Finnair and wish her the best of success also in future," he said.
"At the same time, I warmly welcome Jussi to Finnair,” Kuusisto added. Through his role on Finnair's Board, Jussi has a thorough understanding of our strategy and industry, which creates a strong foundation for rapid value creation in the key role of CFO.”
Siitonen said his priority will be ensuring Finnair's financial position supports its long-term ambitions. Having served on the board, he said he already understands the company's high standards and sees the CFO's role as providing the financial foundation needed to achieve them.
A stronger business, but a more complex operating environment
Siitonen inherits a business whose financial trajectory has improved sharply over the past year.
Finnair reported second-quarter revenue of €916.7 million, an increase of over 16% from the same period a year earlier, while comparable operating profit climbed to €78.4 million from €10.3 million. The recovery has been equally visible over the first half of the year, with revenue increasing over 14% to €1.69 billion and the comparable operating result improving to a profit of €77.8 million from a loss of €52.3 million in the first half of 2025.
The stronger performance prompted management to raise its full-year revenue guidance to €3.4 billion-€3.5 billion from €3.3 billion-€3.4 billion, while maintaining its comparable operating profit outlook of €120 million-€190 million.
The outlook is not without trade-offs, however. While management has become more optimistic about revenue, it has reduced planned capacity growth for 2026 from roughly 5% to around 1% as Middle East route suspensions and continuing network adjustments weigh on the flying programme. The revised outlook suggests Finnair expects stronger pricing, ancillary revenue and network optimization—not additional capacity—to underpin second-half performance.
Underlying operating trends have remained supportive. Passenger numbers increased over 7% during the first quarter, while June traffic data showed passenger volumes rising 9%, revenue per available seat kilometre increasing over 10% and cargo volumes growing more than 20%. On-time performance, however, declined because of weather disruption across Europe.
What Finnair is trying to accomplish
Finnair's board approved a new strategy covering 2026-2029 in late 2025, marking a shift from recovery toward profitable, disciplined growth.
Rather than relying primarily on network expansion, management is targeting higher-quality earnings by growing ancillary revenue, strengthening digital retailing capabilities, expanding its loyalty program and automating customer-facing processes. The strategy also calls for continued investment in service quality while improving capital efficiency and financial returns.
The financial targets are equally ambitious. By 2029, Finnair aims to deliver a comparable EBIT margin of 6%-8%, achieve annual passenger demand growth of around 4%, invest €2 billion-€2.5 billion across the business, maintain net debt at one to two times comparable EBITDA and keep cash equivalent to at least 20% of annual sales.
The operational agenda supporting those targets is already underway. Finnair is renewing its fleet with 18 Embraer E195-E2 aircraft, plans to lease six Airbus A320ceo aircraft, has resumed services to Turku and Tampere and continues adapting its route network to geopolitical constraints and fuel-price uncertainty.
That makes the finance function central to the company's strategy. Beyond financial reporting, the CFO will oversee the capital allocation, balance-sheet discipline and investment decisions needed to fund growth while preserving financial flexibility during a period of continued operational uncertainty.
Investor watchpoints
Investors are likely to focus on three themes over the coming quarters.
First, the CFO transition spans Finnair's third-quarter reporting period, making continuity in financial communication an immediate consideration.
Second, Siitonen's appointment leaves a vacancy on the board, with no replacement yet announced.
Finally, revenue guidance has been raised even as planned capacity growth has been reduced from roughly 5% at the start of the year to around 1%. That combination suggests stronger unit economics are expected to support the second half, although the company has not explicitly attributed the revised guidance to those factors. The pace of executive change also remains unusually high, leaving Siitonen to provide continuity as Finnair shifts from recovery to executing its new strategy.
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