Leadership turnover among Finnish listed companies accelerated sharply in April, as AGM season pushed governance changes to their highest level of the year so far.
According to Listeds data, companies recorded 226 board and management changes during the month. Boards clearly dominated the activity. April included 168 board changes, consisting of 104 appointments and 64 departures. Management teams accounted for another 58 changes, with 33 appointments and 25 departures.
The contrast with the beginning of the year is striking. January recorded 73 total leadership changes, most of them within management teams. February activity then eased slightly to 65 changes, including only five board moves, largely because the AGM season had not yet started. March marked the turning point, with total activity jumping to 155 changes and boards overtaking management teams for the first time this year.
AGM season reshapes Finnish boardrooms
April took that governance shift much further.
Several companies carried out broad board renewals during the month. Apetit recorded five board appointments, continuing an active leadership cycle after strengthening management earlier this year with the appointment of Karl Vilhelm Beckman, CEO of Apetit Sweden, to the group management team. HKFoods and Honkarakenne each added four new board members. Alma Media, Atria, Nokia, Raisio, and UPM-Kymmene also logged multiple board appointments as shareholders approved refreshed governance structures.
Among the recurring names in April’s board reshuffles was Mammu Kaario, who appeared in the AGM season changes while continuing to hold five active board seats across Finnish listed companies, including Puuilo, CapMan, NoHo Partners, and Gofore. Kaario, former managing director of Partnera Oy (now known as Foamit Oyj) and a long-time finance and governance executive, has become one of Finland’s most visible professional board directors.
Anna Hyvönen also featured in the April data and currently holds board positions at Neste, Raute, and Duell, where she serves as chair. Hyvönen most recently worked at Nokian Tyres, where she held several senior leadership positions between 2016 and 2025, including executive vice president of passenger car tyres and Vianor. The prominence of both executives also highlights how a relatively concentrated group of experienced operators continues to shape governance across Finland’s listed market.
Executive hiring slows after active start to the year
Management turnover, meanwhile, remained more measured after the heavy executive reshuffling seen earlier in the year, although April still included several notable appointments.
Boreo named Tuomas Kahri as CEO after previously leading the company’s electronics business area, while Investors House appointed Jukka Akselin as CEO following leadership roles in real estate and investment businesses. Moreover, both Sampo and Nokian Renkaat strengthened their finance leadership with new CFO appointments. Hiab and Neste also announced multiple senior executive additions as part of broader organizational adjustments.
January alone included 42 management appointments, among them Anna Wäck becoming CEO at Sitowise Group and Sanna Sormaala taking over as CFO. February followed with 30 appointments and 30 departures within management teams, while March recorded 43 management changes in total. April’s slower executive pace suggests many operational reorganizations had already been completed before earnings season and AGM season reached full intensity.
Taken together, the first four months of 2026 now reveal a clear sequence in Finnish corporate leadership. January and February focused on executive adjustments ahead of AGM season. March reopened boardrooms. April transformed that process into a broader governance reset across listed companies.
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