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."
The audit committee chair moved between CFOs too
The annual general meeting on 24 March 2026 elected Petri Castrén, Kemira's Chief Financial Officer from 2013 to 2026 and its interim chief executive in 2023 and 2024. He chairs the audit committee, taking the seat from Kristian Pullola, formerly Nokia's and Finnair’s CFO, who left the board at the same meeting.
What each company has committed to deliver
Terveystalo is running its ARC strategy toward adjusted earnings per share growth of 10% a year, leverage of no more than 3x and dividend distribution of at least 50% of net result. Nearer term it has to land 2026 adjusted operating profit inside EUR 120–140 million, close Silmäasema and capture the EUR 11–15 million of annual pre-tax run-rate synergies it has disclosed, complete the Solo Health acquisition in the first half of 2027.
Tieto has to hold an adjusted operating margin of 14.8–15.8% while organic revenue contracts by 3% to 5%, finish resetting Tieto Tech Consulting by integrating Infopulse, Avega, EVRY India and Mentormate and reducing up to 500 roles, run the EUR 90 million buyback to March 2027. That agenda is what the incoming CFO is being hired to pay for.
Terveystalo's next appointment is the cleanest test of the pattern
Whoever Terveystalo names will either confirm the August finding or be the first genuine exception to it, and the answer should arrive before the nomination board files its proposals on 1 February 2027. Watch also whether an interim covers the gap from 15 December, and how much of a handover Tieto gets: Hyryläinen leaves at the end of December and Pajunen arrives by 1 January at the latest.
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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."
The audit committee chair moved between CFOs too
The annual general meeting on 24 March 2026 elected Petri Castrén, Kemira's Chief Financial Officer from 2013 to 2026 and its interim chief executive in 2023 and 2024. He chairs the audit committee, taking the seat from Kristian Pullola, formerly Nokia's and Finnair’s CFO, who left the board at the same meeting.
What each company has committed to deliver
Terveystalo is running its ARC strategy toward adjusted earnings per share growth of 10% a year, leverage of no more than 3x and dividend distribution of at least 50% of net result. Nearer term it has to land 2026 adjusted operating profit inside EUR 120–140 million, close Silmäasema and capture the EUR 11–15 million of annual pre-tax run-rate synergies it has disclosed, complete the Solo Health acquisition in the first half of 2027.
Tieto has to hold an adjusted operating margin of 14.8–15.8% while organic revenue contracts by 3% to 5%, finish resetting Tieto Tech Consulting by integrating Infopulse, Avega, EVRY India and Mentormate and reducing up to 500 roles, run the EUR 90 million buyback to March 2027. That agenda is what the incoming CFO is being hired to pay for.
Terveystalo's next appointment is the cleanest test of the pattern
Whoever Terveystalo names will either confirm the August finding or be the first genuine exception to it, and the answer should arrive before the nomination board files its proposals on 1 February 2027. Watch also whether an interim covers the gap from 15 December, and how much of a handover Tieto gets: Hyryläinen leaves at the end of December and Pajunen arrives by 1 January at the latest.
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