Finnish listed companies significantly eased the pace of board and executive renewal in December. According to Listeds data, companies recorded 35 board and management changes, down sharply from 62 in November. The drop points to a seasonal slowdown but also suggests a more deliberate approach to leadership changes as companies enter 2026.

Board activity was limited but purposeful at seven changes. Lassila & Tikanoja, a circular economy company that went through a partial demerger late last month, stood out with three removals to result in a five-member board.

Another major update was at liquor company Anora, where shareholders approved a change in board leadership following the adoption of an updated strategy. Michael Holm Johansen, who has chaired the board through mergers and strategic shifts, stepped down while the extraordinary general meeting elected Atle Vidar Nagel Johansen as the new chairperson. 

Nagel Johansen described his nomination as “an honour” and said his “main focus… would be to support the successful execution of Anora’s updated strategy” as the owner of brands Koskenkorva and Chill Out enters its next phase.

Board additions were modest beyond Lassila & Tikanoja and Anora, with cybersecurity company SSH Communications Security adding Francesco Di Sandro, a strategy veteran most recently with Italian defence and security group Leonardo, strengthening its security and defence expertise at the board level.

Executive moves point to a financial focus 

Finnish companies logged 28 management moves last month, with one title trending: the changes were particularly concentrated at the CFO level. Five companies — Puuilo, WithSecure, Nightingale Health, Fodelia, and Summa Defence — made way for new financial leaders, suggesting an intensified focus on budgeting and capital allocation.

At Faron Pharmaceuticals, the transition was framed as strategic continuity. The company appointed Jurriaan Dekkers as CFO, replacing Yrjö Wichmann, who will retire in the spring. CEO Juho Jalkanen said that Dekkers’ experience and proven track record support Faron’s lead immunotherapy asset as it enters the registrational study.

On the removal side, Stora Enso accounted for the largest share of executive exits, letting go of three executive vice presidents in areas such as people and communications, as well as forestry operations. Food packaging giant Huhtamäki and cybersecurity company WithSecure each logged two removals, including the latter’s chief revenue officer.

In conclusion, these moves point to a clear pattern. When uncertainty rises, finance takes center stage. As 2026 nears, Finnish listed companies are moving less, but thinking harder about where money and leadership should sit.

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