Six of Finland’s most promising young listed-company leaders were recognized in Helsinki today at the Nordic Listed Leaders Future Leaders event. The evening’s most senior honor, CEO of the Year 2026, went to Janne Paavola, CEO of Nokian Panimo Oyj.

The event set out to do something Finnish capital markets rarely do in public: put a spotlight on the next generation of leadership inside listed companies.

“Finland’s listed companies have an exceptionally strong generation of young leaders who often remain invisible in public,” says Helene Auramo, founder of Nordic Listed Leaders and co-founder of Slush. “We want to bring them forward and show that a listed company, too, can be a dynamic and inspiring place to build a career and leadership.”

The Future Leader winners

CEO of the Year — Janne Paavola, Nokian Panimo Oyj. Paavola rose to CEO from within the company and took Nokian Panimo public, listing it on Nasdaq’s First North growth market in April 2025. The jury singled out a successful listing in a challenging market, along with his personal, learning-oriented way of building the company — combining, in the jury’s words, bold building with sustainable growth.

CFO of the Year — Lauri Isotalo, Framery Group Oyj. Isotalo played a central role in Framery Group’s transformation from a founder-led business through a private-equity phase to a company listed on the Nasdaq Helsinki. The jury particularly valued a successful initial public offering and two refinancings within the same year, in which the CFO held a strong role.

CMO of the Year — Sanna-Kaisa Niikko, Marimekko Oyj. Under Niikko’s leadership, Marimekko has strengthened its brand and international visibility, with sales growing across all of the company’s main markets. The jury rewarded a bold and distinctive approach to marketing Finnish design internationally.

COO of the Year — Tapani Salminen, Canatu Oyj. Salminen has built Canatu’s operational capabilities through a fast and demanding growth phase. The jury was convinced by his hands-on approach and the concrete steps with which he has moved the company forward.

CTO/CDO of the Year — Ilari Richardt, Terveystalo Oyj. As CDO and SVP Digital Services, Richardt has led Terveystalo’s wide-ranging digitalization and delivered tangible business benefits through the company’s operational development programme. The jury recognized him as a visionary leader who has produced concrete results.

CLO of the Year — Tuulia Niemelä, Springvest Oyj. Niemelä stepped up to general counsel and joined the management team in October 2025, having rapidly built the legal function of a fast-growing, First North-listed investment-services company.

How the winners were chosen

The awards were decided through a careful evaluation process. Initial screening was carried out on the Listeds platform, which analyzes listed-company leadership and financial metrics. Finalists were then asked to provide written answers, assessed by an independent jury, with any potential conflicts of interest taken into account.

The 2026 jury comprised Minja Salmio (Future Leader 2025, chair), Mikael Rautanen (Future Leader 2024), Niko Pakalén (Cevian Capital), Riikka Aaltonen (Talouselämä), Sonja Siggberg (Hannes Snellman), Rasmus Alopaeus (PwC Finland) and Alexandra Therman-Londen (Nordea).

“This year’s standard was impressive,” says jury chair and Future Leader 2025 Minja Salmio. “Among the finalists were leaders who, early in their careers, have already taken companies through listings, international expansion and demanding growth phases. It was a pleasure to see how varied and ambitious leadership is in Finnish listed companies.”

Partners of Nordic Listed Leaders are Talouselämä, Hannes Snellman, IR Partners, Adecco, hasan & partners, Nordea, PwC, Dell Technologies, Admincontrol, Vivicta, and Euroclear.

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Insights

Meet Finland’s Future Leaders 2026, six young leaders shaping Nordic listed companies

Meet Finland’s Future Leaders 2026, six young leaders shaping Nordic listed companies

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5 min read

Credit: Nokian Panimo, Janne Paavola

Credit: Nokian Panimo, Janne Paavola

Six of Finland’s most promising young listed-company leaders were recognized in Helsinki today at the Nordic Listed Leaders Future Leaders event. The evening’s most senior honor, CEO of the Year 2026, went to Janne Paavola, CEO of Nokian Panimo Oyj.

The event set out to do something Finnish capital markets rarely do in public: put a spotlight on the next generation of leadership inside listed companies.

“Finland’s listed companies have an exceptionally strong generation of young leaders who often remain invisible in public,” says Helene Auramo, founder of Nordic Listed Leaders and co-founder of Slush. “We want to bring them forward and show that a listed company, too, can be a dynamic and inspiring place to build a career and leadership.”

The Future Leader winners

CEO of the Year — Janne Paavola, Nokian Panimo Oyj. Paavola rose to CEO from within the company and took Nokian Panimo public, listing it on Nasdaq’s First North growth market in April 2025. The jury singled out a successful listing in a challenging market, along with his personal, learning-oriented way of building the company — combining, in the jury’s words, bold building with sustainable growth.

CFO of the Year — Lauri Isotalo, Framery Group Oyj. Isotalo played a central role in Framery Group’s transformation from a founder-led business through a private-equity phase to a company listed on the Nasdaq Helsinki. The jury particularly valued a successful initial public offering and two refinancings within the same year, in which the CFO held a strong role.

CMO of the Year — Sanna-Kaisa Niikko, Marimekko Oyj. Under Niikko’s leadership, Marimekko has strengthened its brand and international visibility, with sales growing across all of the company’s main markets. The jury rewarded a bold and distinctive approach to marketing Finnish design internationally.

COO of the Year — Tapani Salminen, Canatu Oyj. Salminen has built Canatu’s operational capabilities through a fast and demanding growth phase. The jury was convinced by his hands-on approach and the concrete steps with which he has moved the company forward.

CTO/CDO of the Year — Ilari Richardt, Terveystalo Oyj. As CDO and SVP Digital Services, Richardt has led Terveystalo’s wide-ranging digitalization and delivered tangible business benefits through the company’s operational development programme. The jury recognized him as a visionary leader who has produced concrete results.

CLO of the Year — Tuulia Niemelä, Springvest Oyj. Niemelä stepped up to general counsel and joined the management team in October 2025, having rapidly built the legal function of a fast-growing, First North-listed investment-services company.

How the winners were chosen

The awards were decided through a careful evaluation process. Initial screening was carried out on the Listeds platform, which analyzes listed-company leadership and financial metrics. Finalists were then asked to provide written answers, assessed by an independent jury, with any potential conflicts of interest taken into account.

The 2026 jury comprised Minja Salmio (Future Leader 2025, chair), Mikael Rautanen (Future Leader 2024), Niko Pakalén (Cevian Capital), Riikka Aaltonen (Talouselämä), Sonja Siggberg (Hannes Snellman), Rasmus Alopaeus (PwC Finland) and Alexandra Therman-Londen (Nordea).

“This year’s standard was impressive,” says jury chair and Future Leader 2025 Minja Salmio. “Among the finalists were leaders who, early in their careers, have already taken companies through listings, international expansion and demanding growth phases. It was a pleasure to see how varied and ambitious leadership is in Finnish listed companies.”

Partners of Nordic Listed Leaders are Talouselämä, Hannes Snellman, IR Partners, Adecco, hasan & partners, Nordea, PwC, Dell Technologies, Admincontrol, Vivicta, and Euroclear.

Nordic Listed Leaders is an exclusive network for executives of publicly listed companies across the Nordics. It is part of the Listeds family.

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Topics

# Topics

Authors

Founder and ceo

Helene Auramo is a co-founder of Listeds and Nordic Listed Leaders. She has previously co-founded Slush, Indiedays, Zipipop, and Okimo Clinic, building ventures at the intersection of media, technology, and community. She holds board positions at the Finnish Business School Graduates (Suomen Ekonomit) and Finnvera, and serves as Chair of the Investment Committee at the Finnish Business School Graduates. Helene is also a columnist for Talouselämä, Finland’s leading business magazine, and Aamulehti, one of the country’s largest newspapers. Her work focuses on leadership, growth, and the structures that shape decision-making in Nordic companies. She was awarded Future Board Member of the Year in 2022 by Future Board.

Founder and ceo

Helene Auramo is a co-founder of Listeds and Nordic Listed Leaders. She has previously co-founded Slush, Indiedays, Zipipop, and Okimo Clinic, building ventures at the intersection of media, technology, and community. She holds board positions at the Finnish Business School Graduates (Suomen Ekonomit) and Finnvera, and serves as Chair of the Investment Committee at the Finnish Business School Graduates. Helene is also a columnist for Talouselämä, Finland’s leading business magazine, and Aamulehti, one of the country’s largest newspapers. Her work focuses on leadership, growth, and the structures that shape decision-making in Nordic companies. She was awarded Future Board Member of the Year in 2022 by Future Board.

Authors

Founder and ceo

Helene Auramo is a co-founder of Listeds and Nordic Listed Leaders. She has previously co-founded Slush, Indiedays, Zipipop, and Okimo Clinic, building ventures at the intersection of media, technology, and community. She holds board positions at the Finnish Business School Graduates (Suomen Ekonomit) and Finnvera, and serves as Chair of the Investment Committee at the Finnish Business School Graduates. Helene is also a columnist for Talouselämä, Finland’s leading business magazine, and Aamulehti, one of the country’s largest newspapers. Her work focuses on leadership, growth, and the structures that shape decision-making in Nordic companies. She was awarded Future Board Member of the Year in 2022 by Future Board.

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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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