Marimekko's appointment of Karolin Stjerna comes with a broader change to the way the company is organized.

The Finnish design house announced yesterday that Stjerna will join the management group as chief operating officer, supply chain, reporting directly to CEO Tiina Alahuhta-Kasko. At the same time, Marimekko is separating supply chain management from product portfolio management, two functions that previously sat under a single executive.

The decision creates separate leadership structures for operations and product direction as the company continues its international expansion.

A new supply chain leader

Stjerna joins from Danish fashion brand Ganni, where she served as COO and a member of the executive committee. Before that, she held leadership positions in supply chain, logistics, and customer service at both Ganni and L'Oréal.

Announcing the appointment, CEO Tiina Alahuhta-Kasko highlighted Stjerna's experience scaling international operations:

"I am excited to welcome Karolin to our management group. Her versatile experience in leading global operations in our industry to support international scaling is a great asset for us on our growth journey. Strategic supply chain management has an increasingly important role in building Marimekko's future competitiveness and enhancing our productivity, flexibility and agility."

The appointment places an executive with international operations experience in charge of sourcing, logistics, quality control, product development, and Marimekko's printing factory in Helsinki.

The end of a combined role

Stjerna's arrival follows the departure of Tina Broman, who served as chief supply chain and product officer. Broman stepped down on June 2 by mutual agreement.

Her role combined responsibility for sourcing, production, logistics, product development, and portfolio management. Those responsibilities will now be divided between separate functions.

Supply chain activities will move under Stjerna's leadership. Product portfolio management and development will move to the merchandising team, which is responsible for shaping the product range in line with Marimekko's brand and business objectives.

The company has started recruiting a permanent merchandising director. Until then, CMO Sanna-Kaisa Niikko will oversee the function.

Alahuhta-Kasko credited Broman with building the foundation for the next stage of development. "Under Tina's leadership, Marimekko's sourcing, own production and logistics as well as product development and portfolio management have been lifted to a new level. Together with her team, Tina has created a strong foundation for us to now move on to a new phase in supply chain and product portfolio management according to Marimekko's SCALE strategy."

Growth plans continue

The reorganization comes as Marimekko continues to expand internationally.

First-quarter 2026 net sales increased 5 percent to EUR 41.4 million. Comparable operating profit rose 19 percent to EUR 5.3 million, representing a margin of 12.7 percent. International sales grew 9 percent, while retail sales increased 20 percent across all market areas.

The company maintained its guidance for 2026, forecasting net sales growth and a comparable operating profit margin of around 16 to 19 percent.

Expansion plans also remain unchanged. Marimekko expects to open 10 to 15 new stores and shop-in-shops during 2026, primarily in Asia, while adding Indonesia and the Philippines to its franchise network.

The company is also using its 75th anniversary year to increase visibility through brand collaborations, including collections with Finnish jewelry icon Kalevala Jewelry and Hong Kong-based phone accessory company CASETiFY.

Separate ownership for two priorities

Marimekko said the reorganization reflects the growing importance of supply chain management in a more dynamic operating environment and the need for stronger product portfolio management to support international growth.

The result is a structure in which supply chain management and product portfolio management no longer sit under a single executive.

One function now reports through a chief operating officer focused on operations. The other sits within merchandising, under leadership responsible for the brand, product range, and market needs.

The company is still recruiting the executive who will permanently lead merchandising. Stjerna, meanwhile, takes responsibility for the operational side of the equation from June 8.

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Leaders

Marimekko separates supply chain from product management, hires Ganni veteran Karolin Stjerna

Marimekko separates supply chain from product management, hires Ganni veteran Karolin Stjerna

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5 min read

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Credit: Marimekko, Karolin Stjerna

Credit: Marimekko, Karolin Stjerna

Marimekko's appointment of Karolin Stjerna comes with a broader change to the way the company is organized.

The Finnish design house announced yesterday that Stjerna will join the management group as chief operating officer, supply chain, reporting directly to CEO Tiina Alahuhta-Kasko. At the same time, Marimekko is separating supply chain management from product portfolio management, two functions that previously sat under a single executive.

The decision creates separate leadership structures for operations and product direction as the company continues its international expansion.

A new supply chain leader

Stjerna joins from Danish fashion brand Ganni, where she served as COO and a member of the executive committee. Before that, she held leadership positions in supply chain, logistics, and customer service at both Ganni and L'Oréal.

Announcing the appointment, CEO Tiina Alahuhta-Kasko highlighted Stjerna's experience scaling international operations:

"I am excited to welcome Karolin to our management group. Her versatile experience in leading global operations in our industry to support international scaling is a great asset for us on our growth journey. Strategic supply chain management has an increasingly important role in building Marimekko's future competitiveness and enhancing our productivity, flexibility and agility."

The appointment places an executive with international operations experience in charge of sourcing, logistics, quality control, product development, and Marimekko's printing factory in Helsinki.

The end of a combined role

Stjerna's arrival follows the departure of Tina Broman, who served as chief supply chain and product officer. Broman stepped down on June 2 by mutual agreement.

Her role combined responsibility for sourcing, production, logistics, product development, and portfolio management. Those responsibilities will now be divided between separate functions.

Supply chain activities will move under Stjerna's leadership. Product portfolio management and development will move to the merchandising team, which is responsible for shaping the product range in line with Marimekko's brand and business objectives.

The company has started recruiting a permanent merchandising director. Until then, CMO Sanna-Kaisa Niikko will oversee the function.

Alahuhta-Kasko credited Broman with building the foundation for the next stage of development. "Under Tina's leadership, Marimekko's sourcing, own production and logistics as well as product development and portfolio management have been lifted to a new level. Together with her team, Tina has created a strong foundation for us to now move on to a new phase in supply chain and product portfolio management according to Marimekko's SCALE strategy."

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Growth plans continue

The reorganization comes as Marimekko continues to expand internationally.

First-quarter 2026 net sales increased 5 percent to EUR 41.4 million. Comparable operating profit rose 19 percent to EUR 5.3 million, representing a margin of 12.7 percent. International sales grew 9 percent, while retail sales increased 20 percent across all market areas.

The company maintained its guidance for 2026, forecasting net sales growth and a comparable operating profit margin of around 16 to 19 percent.

Expansion plans also remain unchanged. Marimekko expects to open 10 to 15 new stores and shop-in-shops during 2026, primarily in Asia, while adding Indonesia and the Philippines to its franchise network.

The company is also using its 75th anniversary year to increase visibility through brand collaborations, including collections with Finnish jewelry icon Kalevala Jewelry and Hong Kong-based phone accessory company CASETiFY.

Separate ownership for two priorities

Marimekko said the reorganization reflects the growing importance of supply chain management in a more dynamic operating environment and the need for stronger product portfolio management to support international growth.

The result is a structure in which supply chain management and product portfolio management no longer sit under a single executive.

One function now reports through a chief operating officer focused on operations. The other sits within merchandising, under leadership responsible for the brand, product range, and market needs.

The company is still recruiting the executive who will permanently lead merchandising. Stjerna, meanwhile, takes responsibility for the operational side of the equation from June 8.

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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.

Devdatta Temgire is a data and business analyst at Listeds. He contributes research, data analysis, and pattern detection to the publication’s coverage of Nordic-listed companies, with a focus on board composition, leadership transitions, and financials. He holds an honors degree in artificial intelligence and data science alongside a bachelor’s in computer engineering, and previously worked at KPMG.

Devdatta Temgire is a data and business analyst at Listeds. He contributes research, data analysis, and pattern detection to the publication’s coverage of Nordic-listed companies, with a focus on board composition, leadership transitions, and financials. He holds an honors degree in artificial intelligence and data science alongside a bachelor’s in computer engineering, and previously worked at KPMG.

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.

Devdatta Temgire is a data and business analyst at Listeds. He contributes research, data analysis, and pattern detection to the publication’s coverage of Nordic-listed companies, with a focus on board composition, leadership transitions, and financials. He holds an honors degree in artificial intelligence and data science alongside a bachelor’s in computer engineering, and previously worked at KPMG.

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Executive Intelligence

Nineteen of 32 Helsinki large caps raised board fees this spring, and none cut

Board pay at Helsinki's large caps went one way this spring. Nineteen of the 32 boards raised their chair fee at the 2026 annual general meetings, 13 kept it unchanged, and none cut any fee.

Most raises were modest. Counting the boards that held, the typical chair fee rose 2.8%. Among the 19 boards that raised it, the typical increase was 5.2%. Eight raised it by less than 5%, seven by between 5% and 10%, and four by 10% or more.

Nineteen of 32 boards raised the chair fee; none cut it
Helsinki large caps by change in the annual chair fee, 2026 AGM against 2025
03691215Number of companies13Unchanged8Under 5%75% to under 10%410% or more
SSAB and Telia changes measured in kronor.
Source: Listeds board remuneration data, AGM resolution releases 2025 and 2026

Neste, Fortum and Sanoma made the biggest raises

Neste moved furthest. Its chair fee rose 18.2%, from €165,000 to €195,000, and its member fee 10.7% to €83,000. Fortum raised its chair fee 12.9%, from €155,000 to €175,000. Sanoma raised its chair fee 11.1% to €160,000, and its vice chair fee 19.0%, from €84,000 to €100,000, the biggest increase for any board role in the segment (Sanoma AGM release).

The fourth raise of 10% or more was Nordea's, which took its chair fee to €440,000, level with Nokia. Part 1 of this series looked at that move in detail.

The raises were spread across the table, not just among low payers

This was not a round of low-paying boards catching up. A year earlier, the boards that went on to raise their chair fee and the boards that held it had the same typical chair fee, €160,000.

At the very top, most boards held. Nokia, UPM, Stora Enso and KONE, four of the six highest payers, left every fee unchanged.

Board members got similar raises to their chairs

The rest of the board was not left behind. Nineteen boards also raised the fee for ordinary members. At the boards that raised fees, the typical increase was 5.2% for the chair, 5.3% for the vice chair and 4.4% for members, so the gap between the roles hardly changed.

In total, the chairs of the 32 large caps are now paid about €5.6 million a year, roughly €205,000 more than in 2025.

Executive Intelligence

Nordea catches Nokia at the top of Helsinki board pay

Nordea raised its chair fee by 10% this spring, to €440,000 a year. Its chair is now paid exactly as much as Nokia's, and both earn far more than the chair of any other Helsinki large cap.

A year ago Nordea paid its chair €400,000, the second-highest fee in the segment. This year's annual general meeting added €40,000. Nokia kept its chair fee unchanged at €440,000.

The gap to the rest is wide. The third-highest chair fee is Sampo's €250,000, followed by UPM at €240,000. The typical large cap chair earns €166,500, so Nordea and Nokia pay their chairs about 2.6 times as much.

Nordea now pays its chair as much as Nokia
Ten highest annual chair fees among Helsinki large caps, 2026 AGMs
Nokia€440,000Nordea€440,000Sampo€250,000UPM€240,000Stora Enso€221,728KONE€220,000Wärtsilä€212,000SSAB*€203,700Telia*€199,500Neste€195,000€0€100k€200k€300k€400k€500k€600k
*Set in SEK, converted at the ECB reference rate on the AGM date (SEK 10.8485 per euro for SSAB on 28 April 2026; SEK 10.8765 for Telia on 9 April 2026) and rounded to the nearest €100.
Source: Listeds board remuneration data, AGM resolution releases 2026

Nordea gave its chair a bigger raise than the rest of its board

The rest of the Nordea board received smaller raises. Ordinary members went up 3.1%, to €115,500, and the vice chair 5.6%, to €190,000. As a result, Nordea's chair now earns 3.8 times what an ordinary board member earns, up from 3.6 times a year ago. No other large cap has a wider gap between its chair and its members.

Nokia pays every board seat at the top of the market

Nokia spreads its money differently. An ordinary member of the Nokia board earns €185,000 a year, more than the chair is paid at 21 of the 32 large caps. Nokia's vice chair earns €210,000, the highest vice chair fee in the segment. Nordea pays most for the chair; Nokia pays the most, or joint most, for every seat.

The top fee has not risen, but two boards now pay it

For nomination boards preparing next year's proposals, the highest chair fee in Helsinki has not moved: Nokia already paid €440,000 in 2025. What has changed is that it is no longer a single outlier. Two of the largest boards in the market now pay the same top fee, and no other board comes close.

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