China is often framed in Nordic boardrooms as a risk to be managed rather than a system to learn from. Juha Luhtanen, CEO of the Finnish sportswear and fashion group Luhta, takes a different view. After two decades of Luhta operations in the country, he sees a market shaped by long-term partnerships, industrial innovation, and rapid capital deployment, not a low-value “developing” economy.

The decisive factor to manufacturing success in China, Luhtanen argues, is something that budget-driven decision making often overlooks. “It is still strongly a relationship-based business, even today.” That logic has guided Luhta’s expansion east over the past two decades, supported by technological progress and resilient even as labor costs have risen.

Founded in 1907, Luhta remains a 100 percent family-owned company. From its roots in Lahti, it has grown into an international group whose brands, such as Luhta, Icepeak, Rukka, and Dachstein, span outdoor wear, sportswear, fashion, footwear, and home textiles. Today, Luhta’s products are sold through more than 7,000 sales sites and its own retail network of 52 stores. Operationally, however, the center of gravity has shifted east.

Juha Luhtanen has spent most of his career at Luhta, beginning as a product manager in the 1990s and later taking on roles in branding and sales. Before becoming CEO in 2021, he served as deputy managing director.

Luhtanen’s own career reflects that long-term mindset. He joined Luhta nearly three decades ago as a product manager and has grown with the company through multiple roles, spanning product development, production, sourcing, and global sales, before becoming CEO. The experience has given him an unusually deep understanding of how strategic decisions ripple through the organization, from factory floors to retail shelves.

Luhta now manufactures roughly 90 percent of its products in China, supported by its own local organization and a network of long-term partners. This is not unusual since many Finnish apparel makers have shifted most of their production abroad, including Marimekko. Lower production costs play a strong role, Luhtanen acknowledges, but he insists they are not the only decisive factor. What ultimately determines success, he says, is leadership behavior, long-term commitment, and how trust is built over time.

Relationships are built with time, not contracts

Luhtanen is clear about what actually makes Chinese manufacturing work. “What we have learned is that the longer the relationship, the easier and more trustworthy it is.”

Over the years, Luhta has experimented with short-term sourcing and new factory relationships. The result was consistent. When challenges arise, whether related to quality, delays, or last-minute changes, long-term partners respond differently.

“When you have long-term partners, they can solve many challenges in the supply chain much more easily. The commitment is much stronger.”

Those relationships are rarely built in meeting rooms. “In Chinese culture, relationships are built over dinners and spending time. It is not only about the business. It is also about the personal relationships.”

For Finnish leaders used to directness and efficiency, this requires adjustment. “It does not come naturally to us because we are very straightforward. Trust comes bit by bit, and it takes patience.”

Luhtanen adds that this logic is not unique to China but applies across much of Asia.

Innovation no longer follows Western assumptions

One of the most underestimated shifts, Luhtanen argues, is how rapidly the world’s second-largest economy has evolved. “China has changed so much in the past 10 years that it’s a totally different country from what it was 20 years ago.”

In the apparel industry, China has moved decisively beyond execution. “They have taken the driver’s seat in design, technical solutions, and sustainability.” For example, Shenzhou International, a key supplier to global brands such as Nike and Adidas, is investing heavily in intelligent garment factories that use automated sewing lines, AI-based quality inspection, and real-time production data, according to Chinese industry reporting.

The innovation cycle itself also looks different in Finland. When strategic priorities are set in China, capital and resources tend to follow quickly. “When decisions are made to invest in innovation, the funding is much easier to acquire.” Part of that momentum comes from strong central government planning, implemented through programs such as the Textile Industry Quality Upgrade Implementation Plan (2023–2025), which channels funding toward automation, digital manufacturing, and higher-value textile innovation.

By contrast, Nordic companies often face longer and more fragmented paths to similar support. “In Finland, the support to make these investments is more difficult to get.”

Another misconception Luhtanen challenges is the idea of China as a low-wage manufacturing base. “The misconception is coming from history,” he says. Today, the bigger issue is not cost but labor availability. “The challenge today is actually to get workers into the factories,” he notes, as younger generations turn away from manual work, forcing manufacturers to raise wages and rethink how production is organized.

Against that backdrop, Luhtanen sees another structural shift approaching quickly. “I believe 100 percent that fully automated production will happen sooner than later.”

Standardized sewing is already being handled by machines. “It is only a question of time before they can do more complicated seams and cuts.”

This will fundamentally reshape how and where clothing is made, including in China.

Why Luhta remains small in the Chinese consumer market

Despite its deep manufacturing presence, Luhta’s consumer business in China remains modest. This stands in contrast to companies such as Amer Sports, whose brands Arc’teryx and Salomon, now owned by China’s Anta Sports, have been expanding rapidly in the Chinese market, reporting double-digit sales growth in the third quarter. The comparison naturally raises the question: what would it take for Luhta to make it big in China?

“We sell a couple of million euros in China, which from a China perspective is nothing,” Luhtanen says. “To be relevant, you would need a couple of zeros more.” The scale gap is underscored by Luhta’s 2024 annual report, which shows total group revenue of EUR 190.2 million.

Luhta entered Chinese retail in 2010 and, at its peak, operated close to 90 stores. Moving beyond that level, however, would require a fundamentally different operating model. China is a fully vertical market, where consumer demand drives decisions almost in real time.

“The consumers drive the business, not the wholesale buyers,” Luhtanen notes, adding that Luhta is still, at its core, a wholesale-driven company.

The pace of decision-making illustrates the gap. Product cycles in China are dramatically shorter than in Europe. “Right now, we are designing the collection for the Chinese market for autumn-winter 26. In Europe, those decisions were made a year and a half ago.”

Scaling up would also mean committing to vastly larger volumes and sharper localization. “You need production runs in hundreds of thousands per style, with different sizing, different fits, and huge marketing investments.”

For Luhtanen, this assessment reflects realism rather than reluctance. “It requires a lot of capital and risk-taking. It is a very tough market.”

Ownership adds another constraint. Luhtanen does not see Luhta being sold to a foreign owner anytime soon. The company’s structure is complex, its ownership is firmly family-based, and much of its business remains centered in Europe and in fragmented category markets. Brands such as Icepeak, for example, are highly successful in specific segments, including alpine skiing and outdoor, but the approach is wholesale customer brand-driven rather than consumer brand-driven.

“We would need to improve our brands’ consumer recognition significantly for any Chinese company to be interested in our brands,” Luhtanen says.

For now, Luhtanen is careful not to overstate what comes next. While Luhta’s presence in the Chinese consumer market remains limited, he is clear that the potential is there. Recent market developments, he says, are moving in a direction that could create room for a more measured expansion. The question, in his view, is less about ambition than timing. The details, he hints, are better saved for another conversation, one that may not be too far off.

Presence and ownership change everything

Luhtanen travels to China regularly, often several times a year, and sees physical presence as non-negotiable. “You cannot manage China operations from Europe,” he says, praising the long-term China operations management and the local team.

Luhta operates through a wholly owned subsidiary in Suzhou, established in 2006, with more than 300 employees, continuing seamlessly the processes started in Finland by Brand and Design teams. The China operations include R&D, sourcing, quality control, and extensive logistics operations. “We wanted to work in China as a Chinese company, with our own factory and partner factories working closely together with all of our other functions, whether in Finland or in China.”

That structure proved decisive during the Covid-19 pandemic. “When Europe was closed, China was open, and vice versa. We were able to balance the situation because we had our own operation there.”

That operational setup has continued to pay off. China remains central to Luhta’s cost structure and delivery reliability at a time when logistics volatility still challenges European brands. Despite container shortages and longer transit times during 2024, Luhta maintained a record gross margin of 51.7 percent, underscoring the resilience of its sourcing model.

Luhtanen credits long-term local employees as one of Luhta’s most important assets. “Without those people who understood our vision and could bridge the cultures, we would not have succeeded.”

The lesson most executives miss

For Luhtanen, the hardest part of leadership today is not understanding China, but resisting the urge to overmanage. Having worked across many of the roles he now oversees, he often sees the downstream impact of decisions immediately.

“The hardest part is not to micromanage,” he says. That discipline mirrors the demands of operating across systems that move at different speeds and follow different logics. China, in his experience, rewards leaders who can balance decisiveness with restraint, presence with autonomy, and long-term intent inside fast-moving markets.

After nearly 30 years at the same company, Luhtanen’s conclusion is less about geography than governance. In complex environments, success is rarely driven by optimization alone. It depends on whether leaders are willing to invest time, accept ambiguity, and allow organizations to grow into the responsibilities they are given.

Those who fail to do so, he suggests, risk misunderstanding not only China, but leadership itself.

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Leaders

Luhta CEO shares what Nordic executives can learn from sportswear group’s decades in China

Luhta CEO shares what Nordic executives can learn from sportswear group’s decades in China

·

5 min read

Credit: Juha Luhtanen, photographed by Elena Salonen

Credit: Juha Luhtanen, photographed by Elena Salonen

China is often framed in Nordic boardrooms as a risk to be managed rather than a system to learn from. Juha Luhtanen, CEO of the Finnish sportswear and fashion group Luhta, takes a different view. After two decades of Luhta operations in the country, he sees a market shaped by long-term partnerships, industrial innovation, and rapid capital deployment, not a low-value “developing” economy.

The decisive factor to manufacturing success in China, Luhtanen argues, is something that budget-driven decision making often overlooks. “It is still strongly a relationship-based business, even today.” That logic has guided Luhta’s expansion east over the past two decades, supported by technological progress and resilient even as labor costs have risen.

Founded in 1907, Luhta remains a 100 percent family-owned company. From its roots in Lahti, it has grown into an international group whose brands, such as Luhta, Icepeak, Rukka, and Dachstein, span outdoor wear, sportswear, fashion, footwear, and home textiles. Today, Luhta’s products are sold through more than 7,000 sales sites and its own retail network of 52 stores. Operationally, however, the center of gravity has shifted east.

Juha Luhtanen has spent most of his career at Luhta, beginning as a product manager in the 1990s and later taking on roles in branding and sales. Before becoming CEO in 2021, he served as deputy managing director.

Luhtanen’s own career reflects that long-term mindset. He joined Luhta nearly three decades ago as a product manager and has grown with the company through multiple roles, spanning product development, production, sourcing, and global sales, before becoming CEO. The experience has given him an unusually deep understanding of how strategic decisions ripple through the organization, from factory floors to retail shelves.

Luhta now manufactures roughly 90 percent of its products in China, supported by its own local organization and a network of long-term partners. This is not unusual since many Finnish apparel makers have shifted most of their production abroad, including Marimekko. Lower production costs play a strong role, Luhtanen acknowledges, but he insists they are not the only decisive factor. What ultimately determines success, he says, is leadership behavior, long-term commitment, and how trust is built over time.

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Relationships are built with time, not contracts

Luhtanen is clear about what actually makes Chinese manufacturing work. “What we have learned is that the longer the relationship, the easier and more trustworthy it is.”

Over the years, Luhta has experimented with short-term sourcing and new factory relationships. The result was consistent. When challenges arise, whether related to quality, delays, or last-minute changes, long-term partners respond differently.

“When you have long-term partners, they can solve many challenges in the supply chain much more easily. The commitment is much stronger.”

Those relationships are rarely built in meeting rooms. “In Chinese culture, relationships are built over dinners and spending time. It is not only about the business. It is also about the personal relationships.”

For Finnish leaders used to directness and efficiency, this requires adjustment. “It does not come naturally to us because we are very straightforward. Trust comes bit by bit, and it takes patience.”

Luhtanen adds that this logic is not unique to China but applies across much of Asia.

Innovation no longer follows Western assumptions

One of the most underestimated shifts, Luhtanen argues, is how rapidly the world’s second-largest economy has evolved. “China has changed so much in the past 10 years that it’s a totally different country from what it was 20 years ago.”

In the apparel industry, China has moved decisively beyond execution. “They have taken the driver’s seat in design, technical solutions, and sustainability.” For example, Shenzhou International, a key supplier to global brands such as Nike and Adidas, is investing heavily in intelligent garment factories that use automated sewing lines, AI-based quality inspection, and real-time production data, according to Chinese industry reporting.

The innovation cycle itself also looks different in Finland. When strategic priorities are set in China, capital and resources tend to follow quickly. “When decisions are made to invest in innovation, the funding is much easier to acquire.” Part of that momentum comes from strong central government planning, implemented through programs such as the Textile Industry Quality Upgrade Implementation Plan (2023–2025), which channels funding toward automation, digital manufacturing, and higher-value textile innovation.

By contrast, Nordic companies often face longer and more fragmented paths to similar support. “In Finland, the support to make these investments is more difficult to get.”

Another misconception Luhtanen challenges is the idea of China as a low-wage manufacturing base. “The misconception is coming from history,” he says. Today, the bigger issue is not cost but labor availability. “The challenge today is actually to get workers into the factories,” he notes, as younger generations turn away from manual work, forcing manufacturers to raise wages and rethink how production is organized.

Against that backdrop, Luhtanen sees another structural shift approaching quickly. “I believe 100 percent that fully automated production will happen sooner than later.”

Standardized sewing is already being handled by machines. “It is only a question of time before they can do more complicated seams and cuts.”

This will fundamentally reshape how and where clothing is made, including in China.

Why Luhta remains small in the Chinese consumer market

Despite its deep manufacturing presence, Luhta’s consumer business in China remains modest. This stands in contrast to companies such as Amer Sports, whose brands Arc’teryx and Salomon, now owned by China’s Anta Sports, have been expanding rapidly in the Chinese market, reporting double-digit sales growth in the third quarter. The comparison naturally raises the question: what would it take for Luhta to make it big in China?

“We sell a couple of million euros in China, which from a China perspective is nothing,” Luhtanen says. “To be relevant, you would need a couple of zeros more.” The scale gap is underscored by Luhta’s 2024 annual report, which shows total group revenue of EUR 190.2 million.

Luhta entered Chinese retail in 2010 and, at its peak, operated close to 90 stores. Moving beyond that level, however, would require a fundamentally different operating model. China is a fully vertical market, where consumer demand drives decisions almost in real time.

“The consumers drive the business, not the wholesale buyers,” Luhtanen notes, adding that Luhta is still, at its core, a wholesale-driven company.

The pace of decision-making illustrates the gap. Product cycles in China are dramatically shorter than in Europe. “Right now, we are designing the collection for the Chinese market for autumn-winter 26. In Europe, those decisions were made a year and a half ago.”

Scaling up would also mean committing to vastly larger volumes and sharper localization. “You need production runs in hundreds of thousands per style, with different sizing, different fits, and huge marketing investments.”

For Luhtanen, this assessment reflects realism rather than reluctance. “It requires a lot of capital and risk-taking. It is a very tough market.”

Ownership adds another constraint. Luhtanen does not see Luhta being sold to a foreign owner anytime soon. The company’s structure is complex, its ownership is firmly family-based, and much of its business remains centered in Europe and in fragmented category markets. Brands such as Icepeak, for example, are highly successful in specific segments, including alpine skiing and outdoor, but the approach is wholesale customer brand-driven rather than consumer brand-driven.

“We would need to improve our brands’ consumer recognition significantly for any Chinese company to be interested in our brands,” Luhtanen says.

For now, Luhtanen is careful not to overstate what comes next. While Luhta’s presence in the Chinese consumer market remains limited, he is clear that the potential is there. Recent market developments, he says, are moving in a direction that could create room for a more measured expansion. The question, in his view, is less about ambition than timing. The details, he hints, are better saved for another conversation, one that may not be too far off.

Presence and ownership change everything

Luhtanen travels to China regularly, often several times a year, and sees physical presence as non-negotiable. “You cannot manage China operations from Europe,” he says, praising the long-term China operations management and the local team.

Luhta operates through a wholly owned subsidiary in Suzhou, established in 2006, with more than 300 employees, continuing seamlessly the processes started in Finland by Brand and Design teams. The China operations include R&D, sourcing, quality control, and extensive logistics operations. “We wanted to work in China as a Chinese company, with our own factory and partner factories working closely together with all of our other functions, whether in Finland or in China.”

That structure proved decisive during the Covid-19 pandemic. “When Europe was closed, China was open, and vice versa. We were able to balance the situation because we had our own operation there.”

That operational setup has continued to pay off. China remains central to Luhta’s cost structure and delivery reliability at a time when logistics volatility still challenges European brands. Despite container shortages and longer transit times during 2024, Luhta maintained a record gross margin of 51.7 percent, underscoring the resilience of its sourcing model.

Luhtanen credits long-term local employees as one of Luhta’s most important assets. “Without those people who understood our vision and could bridge the cultures, we would not have succeeded.”

The lesson most executives miss

For Luhtanen, the hardest part of leadership today is not understanding China, but resisting the urge to overmanage. Having worked across many of the roles he now oversees, he often sees the downstream impact of decisions immediately.

“The hardest part is not to micromanage,” he says. That discipline mirrors the demands of operating across systems that move at different speeds and follow different logics. China, in his experience, rewards leaders who can balance decisiveness with restraint, presence with autonomy, and long-term intent inside fast-moving markets.

After nearly 30 years at the same company, Luhtanen’s conclusion is less about geography than governance. In complex environments, success is rarely driven by optimization alone. It depends on whether leaders are willing to invest time, accept ambiguity, and allow organizations to grow into the responsibilities they are given.

Those who fail to do so, he suggests, risk misunderstanding not only China, but leadership itself.

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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.

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.

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Monthly Leadership Moves

September's finance seats started filling from inside

Oct 9, 2026

Through August, every incoming chief financial officer at a Helsinki issuer since December 2025 already held the title somewhere else. In September, Vincit promoted from its own controlling team and UPM made WISA's interim finance chief permanent. The lateral market did not close: Tieto and Relais both hired sitting finance chiefs, and Terveystalo is now searching for one.

Listeds had recorded at least ten CFO changes across Nasdaq Helsinki and First North between December 2025 and August 2026, and not one incoming finance chief was taking the job for the first time. Last month's roundup ended on whether September would break that run. It did, at the smaller end of the market.

The month's second signal was structural. Viking Line, Kalmar, Terveystalo and the planned UPM and Sappi graphic paper joint venture each redrew an organization in September and named the people to run it. Board-level change stayed thin, and most of it was nomination-board formation for the 2027 annual general meetings rather than turnover in the boardroom itself.

Vincit and WISA broke the lateral run with internal finance appointments

The Digia and Vincit chain that opened in August closed in September. Vincit named a successor on September 01, and went inside to do it. Paula Kuittinen, Head of Management Accounting and Business Control since March 2026 and before that more than 12 years in finance roles at CGI, most recently she has been the Finance Director, now becoming the CFO on November 1. "It is great to be able to appoint our new CFO from within the company," said chief executive Julius Manni.

On September 18, UPM's board appointed Lasse von Hertzen, previously WISA's interim CFO, its permanent Senior Vice President and Chief Financial Officer, effective when the plywood demerger completes. That finishes a WISA leadership team named in full by the parent's board, with trading expected from November 2.

LapWall took a third route. Tuomo Riihonen's employment ended on September 24, and the next day the company named Tiina Määttä Chief Financial Officer and Legal Officer from October 1. Her record runs through finance and legal advisory roles at Talenom and Greenstep and the chief executive seat at Kymsol Group.

Kempower named Lasse Hatinen on September 9, bringing more than 15 years of finance leadership in listed industrial companies. He joins by March 1, 2027 at the latest, from Metso where he has served as Senior Vice President, Group Controller. Juha Jaatinen, interim since August 13, holds the seat until then.

Larger issuers kept buying finance chiefs who already hold the title

The lateral market remains the default above small cap. Tieto appointed Juuso Pajunen from Terveystalo on September 16, and Terveystalo opened its search the same day. Relais Group appointed Joonas Mäkipeska on September 14 from Technopolis, where he is Chief Financial and Strategy Officer, after CFO roles at Holiday Club Resorts, Sponda and ALD Automotive. Chief executive Christian Gebauer framed the brief as "continued profitable growth, supported by financial discipline, strong cash conversion and investment discipline."

Stora Enso moved the other way on the same theme: on September 17 CFO Niclas Rosenlew was named deputy chief executive to President & CEO Hans Sohlström while keeping the finance role. Tallink appointed Armin Penner as its new CFO on September 8. He has worked for more than six years as CFO and Management Board Member of Circle K Eesti and has also served as CFO of Euroapteek and Ragn-Sells Eesti. 

SSH went outside for its chief executive, Arvo went to its own board

September's two listed-issuer CEO appointments took opposite routes. SSH Communications Security named Lars Bell from Omada, where he was Chief Customer Officer and interim chief executive, effective October 1. The share rose 49.5% in the five sessions to September 7. Bell inherits a business whose second-quarter revenue recovered to EUR 5.7 million, up 6.8%, while EBITDA fell 40.7%, and he starts on the same day as CFO Cristian Arias. The third-quarter report will be the first one a rebuilt executive team owns.

Arvo Sijoitusosuuskunta named Teemu Kokko, a member of its board of directors since 2021, deputy chief executive from December and chief executive from April 1, 2027. The selection ran through a nomination committee drawn from the cooperative's supervisory board, one level above the board Kokko sits on. He inherits first-half operating profit of EUR 8.5 million against EUR 6.5 million a year earlier, most of the step-up traced to an approximately EUR 6.9 million gain on the HANZA exit.

Reorganizations, not departures, produced most management-team changes

The month's largest management-team changes came attached to new structures. Kalmar announced plans on September 3 to simplify its operating model by combining divisions. Terveystalo said on September 4 it will report in four segments from 2027, Healthcare Services, Oral Health, Public Partnerships and Sweden, and named Ville Pesonen senior vice president for oral health. Viking Line renewed its management structure on September 8 and established a Viking Leadership Team. UPM and Sappi nominated Gunnar Eberhardt and Stephen Blyth to lead their planned graphic paper joint venture on September 8, and the wider management team on September 14. 

Technology seats moved alongside. Aspocomp named Ville Raatikainen Chief Engineering and Technology Officer from January 1, 2027, the second outside hire to its team since July, timed to the phased commissioning of its expanded Oulu plant.

Directors moving into executive roles drove September's committee changes

Only one board chair left. Kari Syrjänen resigned as chair of Biohit on September 2. The two committee changes that followed shared a cause: a director taking an executive job. Tulikivi's audit committee chair Niko Haavisto left the board after becoming CFO of Fiskars, and Panu Paappanen became the chairperson on September 14. At Olvi, director Tarmo Noop left the audit committee to run the Estonian subsidiary A. Le Coq on an interim basis, and board chair Nora Hortling replaced him.

September split the finance pipeline by company size

September broke the lateral CFO run, but only at the smaller end of the market: Vincit and WISA filled their finance seats from inside, while Tieto and Relais kept hiring sitting finance chiefs. At chief executive level, Arvo promoted from its own board and SSH went outside. Most management-team changes followed reorganizations rather than departures. On boards, the committee changes came from directors moving into executive roles, and most other activity was nomination-board formation for 2027. With interim finance cover at Kempower and Relais and an open seat at Terveystalo, the next test is whether larger issuers start filling finance seats from within. 

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