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After five years on Spinnova's management team, Shahriare Mahmood will leave his role as chief product and sustainability officer, as the textile technology company works to restart fiber production during 2026 following a challenging year and a series of leadership changes.
Mahmood will remain in the role until October 2026, and Spinnova has not named a successor, according to the recent press release. The departure follows several management team changes at the textile innovation company over the past 16 months, including a founder returning to lead as the CEO.
CEO Janne Poranen thanked Mahmood for his work. "I would like to thank Shahriare for his contribution to Spinnova's development. Shahriare has played an important role in advancing our product and sustainability work, and we wish him all the best for the future."
Inspired by an idea from VTT researcher Juha Salmela on how spiders spin silk, Spinnova has developed patented technology to produce textile fiber from wood pulp and waste materials without harmful chemicals or dissolving. Founded in 2009, the Finnish company has already made inroads into commercializing its biodegradable fiber with brands including The North Face, Puma, Bestseller, H&M Group, Adidas, Ecco and Marimekko.
Leadership changes continue
Mahmood's departure follows a difficult 2025 for Spinnova. Revenue fell almost 55% to EUR 344,000 from a year earlier, while the operating loss more than doubled to EUR 41.3 million, partly due to an impairment of EUR 18.4 million on the company's stake in the Woodspin joint venture, which operates Spinnova's main commercial-scale production site. The company proposed no dividend for 2025 and is not providing financial guidance for 2026.
The product chief’s departure extends a period of high management turnover. Former CEO Tuomas Oijala stepped down in 2025, with founder Janne Poranen returning as CEO. Lasse Holopainen and Ben Selby also left the Management Team, while Mikko Lassila joined as chief commercial officer by April 15, 2026.
At the April 2026 AGM, shareholders re-elected all seven board members. Poranen continued as both CEO and chair, with the company citing its stage of development for departing from the Finnish Corporate Governance Code's recommendation to separate the roles. Shareholders also authorized the board to issue up to 5.2 million new shares, or about 10% of those outstanding, through June 30, 2027.
What Spinnova is trying to accomplish
Spinnova's immediate priority is restarting production at the Woodspin demonstration facility in Jyväskylä, which produces SPINNOVA® fiber. The plant was suspended after high production and investment costs delayed commercialization, and trial runs began in April to validate process improvements at a larger scale. The company's goal is to resume production during 2026 if the trials are successful.
Spinnova says it has reduced energy consumption in its microfibrillated cellulose manufacturing process by more than 50% compared with the previous Woodspin factory concept and lowered recipe additive costs by about one-fifth. It is also developing new fiber-finishing and drying concepts aimed at improving fiber quality while reducing production and investment costs.
Alongside the technology work, Spinnova is building an international consortium to support commercialization. During 2025, German sustainable fashion brand Armedangels, Tommy Hilfiger and Amsterdam-based Fashion for Good—a global platform that connects fashion brands with sustainability innovators—joined the initiative, although management said the partnerships are not yet notably reflected in revenue.
Investor watchpoints
The next leadership milestone is whether Spinnova appoints a successor to Shahriare Mahmood before his notice period ends in October, providing clarity on who will lead product development and sustainability through the next phase.
Investors will also be looking for evidence that the Woodspin trial runs support a return to production and that the company's expanding consortium begins contributing to commercial traction.
The company's half-year report on Aug. 25, 2026, is expected to provide the next update on leadership changes, production progress and commercial developments.
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