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Aarne Simula, Wetteri's largest shareholder and former CEO, has returned as chief executive officer with immediate effect after Pietu Parikka stepped down by mutual agreement. Simula will forgo his CEO salary until August 2027 as he leads the automotive retailer's plan to restore profitability through higher new-car sales and industry consolidation.
Parikka had served as CEO for less than 11 months after succeeding Simula last August. As part of the leadership changes, Mika Aho was elected chairman, replacing Simula, who had held the role since the May AGM, according to Wetteri’s press release from yesterday. Simula remains a member of the board while serving as CEO.
The board is bringing back a familiar operator as Wetteri enters the execution phase of its 2026-2028 strategy. After a loss-making first quarter, management is seeking to restore profitability by increasing new-car sales, expanding its used-car business through trade-ins, and pursuing acquisitions in Finland's consolidating automotive retail market.
Veteran executive returns to lead next phase
Simula, 61, brings more than four decades of automotive industry experience. He led Wetteri Oy from 2008 and became CEO of the listed group in 2022 before stepping aside last year to remain the company's largest shareholder, board member, and adviser to management.
Chairman Mika Aho said the board believes Simula's experience, manufacturer relationships, and knowledge of Wetteri's operations will accelerate execution of the company's strategy for profitable growth.
"Over his long career, Aarne has gained an exceptionally strong and wide-ranging understanding of the car business and of the strengths of Wetteri's operations," Aho said.
Simula has also agreed to forgo CEO salary until Aug. 1, 2027, with the board approving the arrangement.
What Wetteri is trying to accomplish
Simula returns to accelerate Wetteri's existing 2026-2028 "Ohittamaton (Unbeatable)" strategy rather than introduce a new one. The plan centers on growing new-car sales to generate more trade-in vehicles for the used-car business, improving profitability, and pursuing consolidation in Finland's fragmented automotive retail market.
The company targets annual organic revenue growth of more than 10%, adjusted operating profit of 3% of revenue, an equity ratio of at least 25%, and doubling used-car sales from 2025 levels. The strategy follows a 2025 restructuring expected to generate about EUR 4 million in annual cost savings and is supported by expansion initiatives, including new Mazda operations in Kuopio, the Sports Car Center Airport Helsinki maintenance acquisition, and strong growth in used EV sales.
"The volume of car sales is growing, and Wetteri offers the country's best brands across a nationwide sales network. We are therefore now directing our resources towards growing new car sales," Simula said.
Financial backdrop
Simula returns with the turnaround still unfinished. Wetteri reported first-quarter 2026 revenue of EUR 107.8 million, down 7% year over year, while posting a EUR 3.1 million net loss and an adjusted operating loss of EUR 1.5 million. The company nevertheless continues to expect revenue to increase and adjusted operating profit to turn positive during 2026.
The balance sheet has also been managed conservatively. Shareholders approved no dividend for 2025 and authorized the board to issue up to around 32 million new shares, equivalent to about 20% of outstanding shares, providing flexibility to fund acquisitions.
Investor watchpoints
Profitability: Wetteri continues to target a profitable 2026 despite reporting a EUR 3.1 million first-quarter loss. Margin improvement over the coming quarters will be the key test.
Consolidation: The board's authorization to issue up to 20% new shares provides firepower for acquisitions but also creates dilution risk if deals fail to generate returns.
Owner alignment: Simula will forgo his CEO salary until August 2027, reinforcing alignment with shareholders while concentrating execution risk in the company's largest owner.
Governance: With Simula returning as CEO weeks after serving as chairman, investors will watch how effectively the refreshed board maintains independent oversight.
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