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Wetteri's shareholders approved a significant boardroom overhaul at the company's latest AGM, replacing three of five directors and appointing a new chair.
Only two directors from the previous board, Aarne Simula and Satu Mehtälä, retained their seats, the car dealership announced recently. Joining them are three new members: Mika Aho, Minna Kurunsaari, and Jarmo Rankinen. Meanwhile, former Chair Hannu Pärssinen and Directors Mikael Malmsten and Martti Haapala left the board.
The changes were largely mapped out in advance. In April, Wetteri's Shareholders' Nomination Committee proposed a five-member board and argued that the new composition would provide the expertise needed to execute the company's strategy and support shareholder value creation.
The most consequential appointment is Simula's elevation to chair. He served as CEO between 2022 and 2025 and has been a board member since the company's listing. His appointment suggests shareholders are seeking fresh perspectives in the boardroom without breaking from the company's strategic direction.
The three new directors broaden the board's expertise. Kurunsaari brings senior retail leadership experience from Kesko, while Rankinen adds decades of banking and corporate finance experience from Nordea. Together with Aho, they strengthen the board's capabilities across finance, operations, and business development.
Four of the five directors, except for ex-CEO Simula, are considered independent of both Wetteri and its significant shareholders.
The board changes come as Wetteri works to improve profitability. The company reported a 7% decline in first-quarter revenue and an adjusted operating loss of €1.5 million, although new car orders increased 23% and the order backlog grew 39%. The refreshed board will now be tasked with helping convert that improving demand into sustainable earnings growth.
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