Finland's boards are replacing chief executives briskly, just not at the top of the market, and not with women. The two blanks say more than the twelve appointments do.

In a market as small and closely watched as Finland's, the interest in a quarterly count of chief executives usually lies in the names. This quarter it lies in the gaps. The Listeds CEO Index — Finland for the second quarter of 2026, produced in partnership with SAM Headhunting, records twelve new listed-company chief executives and, around them, a single number that keeps recurring. It is zero. None of the twelve is a woman. And none of the country's largest companies changed its leader at all. It is a second quarter running with the top of the market completely still, a year after more than a third of those same companies replaced their CEO.

The renewal is real, just not at the top

That stillness is not a market slowing down. Below the largest companies, renewal is running at pace. Twenty-five new chief executives took up their roles across Finnish listed companies in the first half of 2026, a rate of about 50 a year against the 43 recorded across all of 2025, and it sits on top of a market that has already renewed roughly a third of its CEOs within eighteen months.

Every one of the twelve second-quarter changes happened below Large Cap: seven in Small Cap, four on First North, one in Mid Cap. The churn is real. It has simply stopped reaching the top.

New CEOs by segment
Q2 2026 · number of starts
024687410Small CapFirst NorthMid CapLarge Cap
Source: Listeds Executive Platform
Figure 1 — New CEOs by market segment, Q2 2026. Large Cap records a second consecutive quarter at zero.

For a board, that combination is the point. "Many boards have already done the groundwork on a new direction and new focus areas, and where the sitting CEO cannot take the company there, they act," says Leena Hellfors, Managing Director of SAM Headhunting. "Succession has become a continuous capability, not an occasional project." 

“Many boards have already done the groundwork on a new direction and new focus areas, and where the sitting CEO cannot take the company there, they act. Succession has become a continuous capability, not an occasional project.”
Leena Hellfors
Leena HellforsManaging Director, SAM Headhunting

Across most of the market, that capability is visibly in use. At the very top, it is switched off.

Why the top sits still

The freeze reflects a specific instinct about the largest jobs, and the rest of the quarter shows the same instinct at work in who gets hired. The twelve new CEOs took up their roles at an average age of about 54, roughly four years older than the age at which the sitting population first became chief executives. Half were promoted from inside, and only two of the twelve came from outside Finland. Where boards did move, they reached for the experienced, the internal, the known.

"Leading a listed company is a genuinely different job, and boards look for proven experience and judgement," Hellfors notes. "There is a deep pool of capable, more senior leaders at the moment, so an experienced profile is often the natural choice." The index bears out the gradient: the largest companies appoint their CEOs oldest, and in practice do not hand the seat to a first-time or younger leader, which is understandable.

No women in Q2, but two are starting in Q3

The number that drew the most attention is the one that reads as a step back. Not one of the twelve new CEOs was a woman, against a sitting-population share of just 8.1%, and across the half-year only one of twenty-five appointments went to a woman. A market that consistently buys proven experience over runway narrows its pipeline of younger leaders, and does the same to an already thin pipeline of women.

Gender representation of new CEOs in H1 2026
4%96%4%womenWomen4%Men96%
Source: Listeds Executive Platform
Figure 2 — Gender of new CEOs across the first half of 2026 (25 starts).

The picture is not static, though. Because the index tracks the date a CEO starts, the turn is already visible. Two women are recorded as taking up CEO roles in the third quarter, both showing in the data before the quarter has even closed.

When the top does move, it moves as a team

There is a second reason the frozen tier matters: a CEO change is rarely a single change. 

Across the twelve companies that did change leader in Q2, management teams saw four arrivals and ten departures in the weeks that followed, concentrated in a few companies rather than spread evenly, but consistent in direction. 

“A CEO change is rarely a single appointment. The board has usually set the direction already, and the new CEO arrives to execute it, which is what pulls a wider management-team rebuild behind it. Increasingly the assignment is a whole core team rather than one person.”
Taru From
Taru FromSenior Partner, SAM Headhunting

Which means the stillness at the top is storing up scale. When one of Finland's largest companies does finally change its CEO, and eventually one will, the board, its investors and its management team should expect not a single appointment but a leadership-team change playing out over the following quarters.

Read the index here

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Insights

One number defines the Finnish CEO Index for Q2 2026: it is zero

One number defines the Finnish CEO Index for Q2 2026: it is zero

·

5 min read

Finland's boards are replacing chief executives briskly, just not at the top of the market, and not with women. The two blanks say more than the twelve appointments do.

In a market as small and closely watched as Finland's, the interest in a quarterly count of chief executives usually lies in the names. This quarter it lies in the gaps. The Listeds CEO Index — Finland for the second quarter of 2026, produced in partnership with SAM Headhunting, records twelve new listed-company chief executives and, around them, a single number that keeps recurring. It is zero. None of the twelve is a woman. And none of the country's largest companies changed its leader at all. It is a second quarter running with the top of the market completely still, a year after more than a third of those same companies replaced their CEO.

The renewal is real, just not at the top

That stillness is not a market slowing down. Below the largest companies, renewal is running at pace. Twenty-five new chief executives took up their roles across Finnish listed companies in the first half of 2026, a rate of about 50 a year against the 43 recorded across all of 2025, and it sits on top of a market that has already renewed roughly a third of its CEOs within eighteen months.

Every one of the twelve second-quarter changes happened below Large Cap: seven in Small Cap, four on First North, one in Mid Cap. The churn is real. It has simply stopped reaching the top.

New CEOs by segment
Q2 2026 · number of starts
024687410Small CapFirst NorthMid CapLarge Cap
Source: Listeds Executive Platform
Figure 1 — New CEOs by market segment, Q2 2026. Large Cap records a second consecutive quarter at zero.

For a board, that combination is the point. "Many boards have already done the groundwork on a new direction and new focus areas, and where the sitting CEO cannot take the company there, they act," says Leena Hellfors, Managing Director of SAM Headhunting. "Succession has become a continuous capability, not an occasional project." 

“Many boards have already done the groundwork on a new direction and new focus areas, and where the sitting CEO cannot take the company there, they act. Succession has become a continuous capability, not an occasional project.”
Leena Hellfors
Leena HellforsManaging Director, SAM Headhunting

Across most of the market, that capability is visibly in use. At the very top, it is switched off.

Why the top sits still

The freeze reflects a specific instinct about the largest jobs, and the rest of the quarter shows the same instinct at work in who gets hired. The twelve new CEOs took up their roles at an average age of about 54, roughly four years older than the age at which the sitting population first became chief executives. Half were promoted from inside, and only two of the twelve came from outside Finland. Where boards did move, they reached for the experienced, the internal, the known.

"Leading a listed company is a genuinely different job, and boards look for proven experience and judgement," Hellfors notes. "There is a deep pool of capable, more senior leaders at the moment, so an experienced profile is often the natural choice." The index bears out the gradient: the largest companies appoint their CEOs oldest, and in practice do not hand the seat to a first-time or younger leader, which is understandable.

No women in Q2, but two are starting in Q3

The number that drew the most attention is the one that reads as a step back. Not one of the twelve new CEOs was a woman, against a sitting-population share of just 8.1%, and across the half-year only one of twenty-five appointments went to a woman. A market that consistently buys proven experience over runway narrows its pipeline of younger leaders, and does the same to an already thin pipeline of women.

Gender representation of new CEOs in H1 2026
4%96%4%womenWomen4%Men96%
Source: Listeds Executive Platform
Figure 2 — Gender of new CEOs across the first half of 2026 (25 starts).

The picture is not static, though. Because the index tracks the date a CEO starts, the turn is already visible. Two women are recorded as taking up CEO roles in the third quarter, both showing in the data before the quarter has even closed.

When the top does move, it moves as a team

There is a second reason the frozen tier matters: a CEO change is rarely a single change. 

Across the twelve companies that did change leader in Q2, management teams saw four arrivals and ten departures in the weeks that followed, concentrated in a few companies rather than spread evenly, but consistent in direction. 

“A CEO change is rarely a single appointment. The board has usually set the direction already, and the new CEO arrives to execute it, which is what pulls a wider management-team rebuild behind it. Increasingly the assignment is a whole core team rather than one person.”
Taru From
Taru FromSenior Partner, SAM Headhunting

Which means the stillness at the top is storing up scale. When one of Finland's largest companies does finally change its CEO, and eventually one will, the board, its investors and its management team should expect not a single appointment but a leadership-team change playing out over the following quarters.

Read the index here

Board Programme

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Five sessions, one cohort, twenty leaders in one room - Helsinki, 2026.

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The only programme in the Nordics designed specifically for listed-company board work.
Five sessions, one cohort, twenty leaders in one room - Helsinki, 2026.

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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21 September 2026

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Market Signals

Citycon approved a €422.6M sale of three Finnish shopping centres to a company controlled by G City's shareholders

Sep 15, 2026

Myyrmanni, Koskikeskus and Trio, classified as a related-party transaction and approved by the independent directors on 12 August. 

On 12 August 2026, Citycon Oyj's board approved the divestment of three Finnish shopping centres — Myyrmanni in Vantaa, Koskikeskus in Tampere and Trio in Lahti — at an appraisal value of approximately €422.6m, based on the 30 June 2026 valuation.

The buyer is Noga Finland Retail Properties Oy, which Citycon's release describes as controlled by the shareholders of G City Ltd. G City and its subsidiary Gazit Europe Netherlands B.V. held approximately 89.68 per cent of Citycon at the time. Citycon classified the transaction as a related-party transaction deviating from the ordinary course of business, and states that the independent board members approved it.

Completion is expected in the second half of 2026, conditional on a public offering of securities in Noga Retail Properties Ltd. and other customary conditions. Citycon may provide vendor financing of up to €84.5m at market terms, and retains asset and property management of the three centres after closing, for which it will receive management and success fees.

The numbers

Appraisal value of the three centres

approx. €422.6m

Against the 28 May LOI

approx. €400m at 31 March 2026 book value

Vendor financing Citycon may provide

up to €84.5m — about a fifth of the price

G City + Gazit at approval / after 31 August

89.68% 

Separate related-party facility, 13 May

up to €200m mutual on-call loan, repayable 15 February 2028

Governance and ownership

The transaction is the third disclosed related-party item between Citycon and its controlling owner in four months.

  • 13 May — Citycon's board approved a mutual on-call loan facility of up to €200m with G City, repayable by 15 February 2028, at interest set on arm's-length terms by an independent pricing agent. The release notes G City is Citycon's parent and a related party, and states the facility was approved unanimously by the independent board members.

  • 28 May — Citycon signed a non-binding letter of intent for the divestment of Finnish centres at a book value of around €400m as at 31 March 2026.

  • 12 August — The board approved the sale of the three centres at approximately €422.6m, again by decision of the independent board members.

The parking dispute, in date order

One of the three centres is at the centre of a public dispute in Finland this summer. The sequence, as reported:

  • July 2026 — Citycon cut free parking at Myyrmanni from two hours to one. Free parking was also shortened to one hour at Iso Omena and Lippulaiva in Espoo; a K-Citymarket merchant told Länsiväylä the conduct was classless.

  • 8 August — Espoo City Council chair Jarno Limnéll wrote in Länsiväylä that Citycon should re-evaluate the decision and enter genuine dialogue with entrepreneurs and customers, noting Iso Omena houses a library, pharmacy and health centre.

  • 12 August — The board approved the sale of all three centres.

  • 14 August — MP Mia Laiho, chair of the Länsi-Uusimaa wellbeing services county board, called for Citycon to come to the negotiating table over the one-hour limit at Iso Omena.

  • 4 September — Citycon extended free parking at Myyrmanni to 90 minutes. No change in Espoo 

These are separate decisions by the same company in the same weeks. 

What to watch

Completion of the €422.6m divestment depends on the public offering of Noga Retail Properties Ltd. securities, and the timing of that offering determines whether the transaction closes before or after Citycon leaves the exchange. G City commenced compulsory redemption proceedings on 2 September, and Finnish redemption proceedings ran to a determined redemption price. The delisting application follows as soon as it is permitted under applicable law.



Executive Intelligence

Women hold 34.9% of Helsinki board seats. The chair's seat moved the other way.

Sep 14, 2026

The half in which the EU board gender directive fell due, measured against the Listeds board composition dataset. Women's share of board seats rose 1.3 points. The share of female chairs fell from 12.0% to 10.7%.

According to the Board Index — Finland H1 2026 study by Listeds and Admincontrol, women's share of board seats on Nasdaq Helsinki rose from 33.6% to 34.9% over the first half of the year. The gain was 1.3 percentage points in six months, continuing the upward trend that began in 2022 (28.2%). 30 June 2026 was the compliance deadline for the EU directive on gender balance on the boards of listed companies (Directive (EU) 2022/2381). The largest single-year gain, however, came in 2025, when the share climbed 3.0 points from 30.6% to 33.6% — a full year before the deadline took effect.

The 40% target applies to a narrower group than the market average covers

The market-wide average still falls short of the directive's 40% target. The directive's obligations, however, apply only to companies above certain size thresholds — in Finland, more than 250 employees and either a balance sheet above €43 million or turnover above €50 million — whereas the Board Index figures cover the whole of Nasdaq Helsinki and the First North market. In the Large Cap segment, which comes closest to the group in scope, the threshold was passed: women held 42.0% of board seats at the end of June. Market-cap segment is an approximation rather than the legal test: some Mid Cap companies clear the employee and turnover thresholds, while a few Large Cap companies with small workforces do not. The lowest shares sit in small companies and on First North, which are largely outside the directive's scope.

One woman on the board is no longer enough

The change over the first half was not only a matter of volume. The emphasis shifted from appointing a first woman to filling more than one seat: the share of companies with only one woman on the board fell from 26.2% to 21.9%. At the same time, the share of companies where more than 40% of directors are women rose from 24.0% to 27.8%.

By segment, the largest step was taken in Small Cap companies, where women's share rose from 29.6% to 32.4%. First North remains the most male-dominated market segment: women hold just 27.5% of board seats there. By industry, the sharpest gains came in consumer staples (36.1% → 40.0%) and technology (29.5% → 32.9%). Real estate remains the least gender-diverse industry, with women at 25.0%.

Eight all-male boards — and fewer female chairs than before

One indicator stood still, the other turned down. The number of all-male boards remained at eight companies (4.4% → 4.3% of companies), and all of them are Small Cap or First North companies: Digitalist Group, Dovre Group, Eagle Filters Group, Norrhydro Group, Pallas Air, Summa Defence, Sunborn International and Titanium.

The share of female chairs fell from 12.0% (22 companies) to 10.7% (20 companies). Progress in board membership has therefore not yet reached the head of the table.

At the other end of the range, a group of companies has reached or passed gender parity. The highest shares of women were at Suominen (66.7%), Aktia Bank and Verkkokauppa.com (both 57.1%) and Huhtamäki (55.6%). Fiskars, Kempower, Orion, Stora Enso, Administer and Modulight landed at exactly 50%.

Internationalisation did not move at all

The nationality mix was entirely unchanged: Finnish nationals held 77.3% of board seats both at the start and at the close of the half. In every reading since 2022 the figure has sat between 77% and 78%. The only real movement in the series came in 2025, when the Finnish share fell from 78.2% to 77.3%.

Internationalisation is concentrated in a small number of large companies and in certain industries. The most international industries are telecommunications (44.1% Finnish), health care (61.9%) and energy (62.5%). Among market segments, Large Cap is the most international (58.4% Finnish). The most domestic industries are consumer staples (88.0%) and industrials (85.3%); among segments, Small Cap (87.8%) and First North (86.1%). The internationalisation of Finnish listed companies' business has not carried through to their board composition, and new listings still arrive on the exchange with largely all-domestic boards.

“Finnish listed companies are internationalising their business faster than their boards. If a company's growth comes from outside its home market, the board should include at least one director who has relevant business experience from that market. Today's digital board meeting systems make high-quality, frictionless board work possible across borders as well.”
Henrikki Hirvonen
Henrikki HirvonenCountry Manager Finland, Admincontrol

Average age edged down

The average age of boards fell from 57.6 to 57.0 years over the half. Across the full series, however, boards have aged: the average has risen from 55.7 years at the end of 2022, with the sharpest single move — up 1.1 years — in 2025 alone. Millennials (born 1980–1999) rose from 12.0% to 12.2% of board seats, and directors under 50 from 18.1% to 18.5%. The share of companies with no millennial director fell from 50.3% to 47.1%.

Even the youngest boards sit at or above 45 years of age. The only exception is Talenom, whose board has a calculated average age of 40.8 years and where 80.0% of directors are millennials.

Most of the adjustment came before the deadline, not because of it

Progress over the first half was broader than regulation alone requires, as shares also rose outside the directive's size thresholds. The open question is whether it continues without a deadline attached to it. The pattern in the data suggests much of the adjustment was anticipatory: the largest annual gain came in 2025, before the deadline, and the pace roughly halved in the half when compliance actually fell due.

“Diversity is measured by gender, nationality and age because those are measurable. A board's real capability, however, is a question of expertise: does the board's expertise match the tactics and the strategy the company intends to execute over the coming years. Composition is only the starting point. Diverse board work is not automatically effective, because different perspectives produce better decisions only if the way the board works lets them reach the table.”
 Henrikki Hirvonen
Henrikki HirvonenCountry Manager Finland, Admincontrol

Summary

Metric

1 Jan 2026

30 Jun 2026

Women on boards

33.6%

34.9%

Boards with no women

4.4% (8 companies)

4.3% (8 companies)

Boards with only one woman

26.2%

21.9%

Boards above 40% women

24.0%

27.8%

Female board chairs

12.0%

10.7%

Finnish directors

77.3%

77.3%

Average board age

57.6

57.0

Millennial directors

12.0%

12.2%

Boards with no millennial

50.3%

47.1%

Read the full index: Board Index — Finland | H1 2026

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