Mustaniemi will oversee the Säkylä factory and contract farming as Apetit pursues its 2028 earnings targets

Timo Mustaniemi, most recently factory manager at Huhtahyvät Oy, will join Apetit Plc as production director on Sept. 1, 2026, taking responsibility for the food company's Säkylä factory and contract farming operations as it works through a factory restructuring, integrates a recent acquisition and pursues a multi-year profitability plan.

Mustaniemi will report to CEO Esa Mäki and join Apetit's corporate management team, the Finnish producer of plant-based food products and oilseed products, announced on July 13. He succeeds Ari Kulmala, who announced his resignation in March after serving on the management team since 2019. Kulmala will remain with Apetit through the end of 2026 in project-based assignments to support the transition. 

Mustaniemi brings more than two decades of operational and manufacturing leadership in the food industry. Before joining Huhtahyvät in 2023, he served as chief operating officer at Landeli Group, CEO of Maalaistuote Vataja, operated a K-Supermarket in Ikaalinen, and held production director and factory manager roles at HK Ruokatalo. He holds a Bachelor of Engineering in Bio and Food Technology and a Master of Engineering in Bioeconomy and Energy Production Management. 

"I warmly welcome Timo to Apetit to develop Apetit's Food Solutions further," CEO Esa Mäki said. Apetit said Mustaniemi will oversee production at its Säkylä facility in southwestern Finland together with contract farming, including the Räpi experimental farm.

Mustaniemi joins Apetit following a series of leadership and operational changes. Since late 2025, the company has refreshed its management team, appointed a new board chair and three new directors, completed the Foodhills acquisition, announced the closure of its Pudasjärvi frozen pizza factory and sold its Kantvik biosteam plant.

Financial backdrop

The production leadership change comes after a series of weaker financial updates.

In April, Apetit lowered its 2026 earnings guidance, saying operating results are expected to clearly decline from the comparable 2025 operating result of EUR 5.9 million, excluding the Foodhills acquisition accounting gain. The company cited Foodhills' integration costs and around EUR 2.3 million of one-off expenses related to closing the Pudasjärvi factory.

A week later, Apetit reported a first-quarter operating loss of EUR 1.4 million compared with an operating profit of EUR 2.3 million a year earlier, while net sales increased over 5% to EUR 46.1 million. Management attributed the weaker result to integration costs, higher electricity prices, and continued pressure in its Oilseed Products business.

What Apetit is trying to accomplish

Apetit's 2026-2028 strategy, "A Season of Growth," targets operating profit of more than EUR 10 million and return on capital employed above 7% by 2028. The plan focuses on expanding higher-growth businesses, particularly frozen peas, strengthening the company's Swedish operations following the Foodhills acquisition, and growing BlackGrain, its rapeseed-derived protein ingredient sold under the Yellow Fields brand.

Management has said earnings will come under pressure early in the strategy period as the company invests before profitability improves later in the plan. Several recent operational moves support that objective. The closure of the Pudasjärvi frozen pizza factory is expected to reduce future investment needs by about EUR 3 million while generating annual savings of around EUR 0.7 million from 2027. Meanwhile, selling the Kantvik biosteam plant allows Apetit to retain a long-term energy supply agreement while directing more capital toward its core food and oilseed businesses.

Mustaniemi's appointment places him at the center of that execution effort. He takes responsibility for manufacturing and contract farming as Apetit seeks to improve operational performance, integrate Foodhills, and return to earnings growth while navigating a more challenging near-term environment.

Investor watchpoints

  • Whether Mustaniemi's appointment brings stability to production leadership as Apetit completes the Pudasjärvi factory transition within its guided EUR 2.3 million one-off cost envelope.

  • Whether Foodhills integration and the Swedish business begin improving profitability during the second half of 2026 after management said it expects a rapid turnaround.

  • Whether the company can move toward its 2028 targets of operating profit above EUR 10 million and return on capital employed above 7% following a reduced 2026 outlook and first-quarter operating loss.

|

|

Leaders

Timo Mustaniemi joins Apetit from Huhtahyvät as production director amid factory restructuring

Timo Mustaniemi joins Apetit from Huhtahyvät as production director amid factory restructuring

·

5 min read

Explore and follow profiles from this article to get timely updates:

Credit: Apetit

Credit: Apetit

Mustaniemi will oversee the Säkylä factory and contract farming as Apetit pursues its 2028 earnings targets

Timo Mustaniemi, most recently factory manager at Huhtahyvät Oy, will join Apetit Plc as production director on Sept. 1, 2026, taking responsibility for the food company's Säkylä factory and contract farming operations as it works through a factory restructuring, integrates a recent acquisition and pursues a multi-year profitability plan.

Mustaniemi will report to CEO Esa Mäki and join Apetit's corporate management team, the Finnish producer of plant-based food products and oilseed products, announced on July 13. He succeeds Ari Kulmala, who announced his resignation in March after serving on the management team since 2019. Kulmala will remain with Apetit through the end of 2026 in project-based assignments to support the transition. 

Mustaniemi brings more than two decades of operational and manufacturing leadership in the food industry. Before joining Huhtahyvät in 2023, he served as chief operating officer at Landeli Group, CEO of Maalaistuote Vataja, operated a K-Supermarket in Ikaalinen, and held production director and factory manager roles at HK Ruokatalo. He holds a Bachelor of Engineering in Bio and Food Technology and a Master of Engineering in Bioeconomy and Energy Production Management. 

"I warmly welcome Timo to Apetit to develop Apetit's Food Solutions further," CEO Esa Mäki said. Apetit said Mustaniemi will oversee production at its Säkylä facility in southwestern Finland together with contract farming, including the Räpi experimental farm.

Mustaniemi joins Apetit following a series of leadership and operational changes. Since late 2025, the company has refreshed its management team, appointed a new board chair and three new directors, completed the Foodhills acquisition, announced the closure of its Pudasjärvi frozen pizza factory and sold its Kantvik biosteam plant.

Financial backdrop

The production leadership change comes after a series of weaker financial updates.

In April, Apetit lowered its 2026 earnings guidance, saying operating results are expected to clearly decline from the comparable 2025 operating result of EUR 5.9 million, excluding the Foodhills acquisition accounting gain. The company cited Foodhills' integration costs and around EUR 2.3 million of one-off expenses related to closing the Pudasjärvi factory.

A week later, Apetit reported a first-quarter operating loss of EUR 1.4 million compared with an operating profit of EUR 2.3 million a year earlier, while net sales increased over 5% to EUR 46.1 million. Management attributed the weaker result to integration costs, higher electricity prices, and continued pressure in its Oilseed Products business.

Our Pulse newsletter

Your weekly leadership intelligence briefing.

What happened, why it matters, and what to watch across every CEO, board, and executive move in Nordic listed companies, starting with Finland. Fast, factual, and to the point.

Delivered every Monday.

By signing up, you agree to our Privacy Policy

Our Pulse newsletter

Your weekly leadership intelligence briefing.

What happened, why it matters, and what to watch across every CEO, board, and executive move in Nordic listed companies, starting with Finland. Fast, factual, and to the point.

Delivered every Monday.

By signing up, you agree to our Privacy Policy

What Apetit is trying to accomplish

Apetit's 2026-2028 strategy, "A Season of Growth," targets operating profit of more than EUR 10 million and return on capital employed above 7% by 2028. The plan focuses on expanding higher-growth businesses, particularly frozen peas, strengthening the company's Swedish operations following the Foodhills acquisition, and growing BlackGrain, its rapeseed-derived protein ingredient sold under the Yellow Fields brand.

Management has said earnings will come under pressure early in the strategy period as the company invests before profitability improves later in the plan. Several recent operational moves support that objective. The closure of the Pudasjärvi frozen pizza factory is expected to reduce future investment needs by about EUR 3 million while generating annual savings of around EUR 0.7 million from 2027. Meanwhile, selling the Kantvik biosteam plant allows Apetit to retain a long-term energy supply agreement while directing more capital toward its core food and oilseed businesses.

Mustaniemi's appointment places him at the center of that execution effort. He takes responsibility for manufacturing and contract farming as Apetit seeks to improve operational performance, integrate Foodhills, and return to earnings growth while navigating a more challenging near-term environment.

Investor watchpoints

  • Whether Mustaniemi's appointment brings stability to production leadership as Apetit completes the Pudasjärvi factory transition within its guided EUR 2.3 million one-off cost envelope.

  • Whether Foodhills integration and the Swedish business begin improving profitability during the second half of 2026 after management said it expects a rapid turnaround.

  • Whether the company can move toward its 2028 targets of operating profit above EUR 10 million and return on capital employed above 7% following a reduced 2026 outlook and first-quarter operating loss.

Follow moves like this on the Listeds Executive Intelligence Platform.

Board Programme

Built for Nordic listed company boards.

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

Board Programme

Built for Nordic listed company boards.

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

Authors

Emmi Laine is head of business content at Listeds and our lead for finance and business coverage. She sets the editorial agenda, interviews Nordic business leaders, and writes stories, newsletters, and social content on timely market and corporate topics. Emmi brings nearly eight years of experience from Shanghai's Yicai Global / Yicai Media Group, where she was awarded for reporting on China’s economy, finance sector, and technology innovation. She holds an MSc in Innovation and Entrepreneurship from ESADE Business School in Barcelona and a Master’s degree in International Design Business Management from Aalto University. She also holds a Bachelor’s degree in Culture Studies with a major in Journalism from Stockholm University and has studied Mandarin Chinese and Chinese culture. Emmi is a Finnish citizen and has lived in Finland, Sweden, China, and Portugal.

Emmi Laine is head of business content at Listeds and our lead for finance and business coverage. She sets the editorial agenda, interviews Nordic business leaders, and writes stories, newsletters, and social content on timely market and corporate topics. Emmi brings nearly eight years of experience from Shanghai's Yicai Global / Yicai Media Group, where she was awarded for reporting on China’s economy, finance sector, and technology innovation. She holds an MSc in Innovation and Entrepreneurship from ESADE Business School in Barcelona and a Master’s degree in International Design Business Management from Aalto University. She also holds a Bachelor’s degree in Culture Studies with a major in Journalism from Stockholm University and has studied Mandarin Chinese and Chinese culture. Emmi is a Finnish citizen and has lived in Finland, Sweden, China, and Portugal.

Devdatta Temgire is a data and business analyst at Listeds. He contributes research, data analysis, and pattern detection to the publication’s coverage of Nordic-listed companies, with a focus on board composition, leadership transitions, and financials. He holds an honors degree in artificial intelligence and data science alongside a bachelor’s in computer engineering, and previously worked at KPMG.

Devdatta Temgire is a data and business analyst at Listeds. He contributes research, data analysis, and pattern detection to the publication’s coverage of Nordic-listed companies, with a focus on board composition, leadership transitions, and financials. He holds an honors degree in artificial intelligence and data science alongside a bachelor’s in computer engineering, and previously worked at KPMG.

Authors

Journalist

Emmi Laine is head of business content at Listeds and our lead for finance and business coverage. She sets the editorial agenda, interviews Nordic business leaders, and writes stories, newsletters, and social content on timely market and corporate topics. Emmi brings nearly eight years of experience from Shanghai's Yicai Global / Yicai Media Group, where she was awarded for reporting on China’s economy, finance sector, and technology innovation. She holds an MSc in Innovation and Entrepreneurship from ESADE Business School in Barcelona and a Master’s degree in International Design Business Management from Aalto University. She also holds a Bachelor’s degree in Culture Studies with a major in Journalism from Stockholm University and has studied Mandarin Chinese and Chinese culture. Emmi is a Finnish citizen and has lived in Finland, Sweden, China, and Portugal.

Devdatta Temgire is a data and business analyst at Listeds. He contributes research, data analysis, and pattern detection to the publication’s coverage of Nordic-listed companies, with a focus on board composition, leadership transitions, and financials. He holds an honors degree in artificial intelligence and data science alongside a bachelor’s in computer engineering, and previously worked at KPMG.

All Listeds newsletters (bundle)

One sign-up, the full picture.

Get every Listeds newsletter: the daily signal drumbeat, the weekly Pulse briefing, the monthly Best of the Month, the CEO letter, and the Weekend read.

By signing up, you agree to our Privacy Policy

All Listeds newsletters (bundle)

One sign-up, the full picture.

Get every Listeds newsletter: the daily signal drumbeat, the weekly Pulse briefing, the monthly Best of the Month, the CEO letter, and the Weekend read.

By signing up, you agree to our Privacy Policy

Latest signalsLive feed
Moves trackerLive feed

Investor Event

Listeds Investor Event · Defence

Nordic defence is in a once-in-a-generation growth cycle. Eight listed and pre-IPO companies pitch to 100+ invited investors at Valkoinen Sali, Helsinki

21 September 2026

Latest on Listeds

Leadership Moves

Juuso Pajunen joins Tieto from Terveystalo, and Finland's CFO chain runs one seat longer

Sep 18, 2026

Two stock exchange releases at 9:00 a.m. on 16 September moved one CFO between two Helsinki large caps that had cut guidance two days apart in July. Terveystalo named no successor and opened the search the same day — twelve days after handing Pajunen a second executive brief. Tieto filled the seat with a sitting CFO, which is the only way the job has been filled in Finland since December 2025.

Terveystalo and Tieto published matching stock exchange releases at 9:00 a.m. EEST on 16 September 2026. Pajunen, Terveystalo's Chief Financial Officer since November 2022, leaves on 15 December 2026 and joins Tieto by 1 January 2027 at the latest, reporting to Endre Rangnes. Terveystalo named no successor and opened the search the same day. The same Tieto release confirmed Johan Enger Nygaard at Tieto Tech Consulting and Bent Philipps at Tieto Indtech from 1 October, both interim since May 2026. 

Tieto's last first-time CFO is leaving; the next one arrives with the title

In August, Listeds counted atleast ten CFO changes across Nasdaq Helsinki and First North between December 2025 and August 2026. Every incoming CFO already held the title at another listed company. None was promoted from inside. None was taking the job for the first time. 

Tomi Hyryläinen, who steps down at the end of December 2026 after nearly eight years, joined Tieto in 2018 from PwC Finland, where he had been an assurance leader and partner. Tieto was his first listed-company CFO seat. Tieto has now filled it with a CFO already running finance at another Helsinki large cap, and before that at AFRY and Pöyry Group. 

Terveystalo widened Pajunen's job twelve days before losing him

Terveystalo reports in three segments today: Healthcare Services, Portfolio Businesses and Sweden. On 4 September it said Portfolio Businesses would be split from 1 January 2027, with Oral Health and Public Partnerships each becoming a reportable segment in their own right, and named Pajunen EVP of Portfolio Businesses until the end of 2026. He was covering for Henri Mäenalanen, who had announced on 29 June that he was leaving on 1 October to run Yliopiston Apteekki. Twelve days after taking the second brief, Pajunen announced his own exit. 

The date lands inside a crowded quarter. The EUR 574 million Silmäasema acquisition is expected to close by late 2026 or in the first quarter of 2027, the four-segment reporting starts on 1 January, and the Shareholders' Nomination Board must deliver its proposals by 1 February 2027. The CFO search runs across all of it.

Ville Iho put it in the company's own words: "Juuso has played a key role in the implementation of Terveystalo's profit improvement program and significant acquisitions, as well as in the development of financial leadership.”

One balance sheet is being levered up, the other handed back

Terveystalo reported first-half revenue of EUR 601.5 million, down 10.0%, adjusted operating profit of EUR 59.8 million, down 29.3%, and earnings per share of EUR 0.24, down 44.4%. On 15 July it cut 2026 adjusted operating profit guidance to EUR 120–140 million from EUR 135–165 million, against EUR 156.3 million delivered in 2025. It has raised its leverage ceiling to 3x net debt to adjusted EBITDA, cut dividend distribution to at least 50% of net result, and committed EUR 275 million in cash plus 36,500,000 new shares to Silmäasema, roughly 22.4% of shares outstanding after completion. 

Tieto reported second-quarter revenue of EUR 426.6 million, down 7.9%, with adjusted operating profit up 45.1% to EUR 63.4 million and margin at 14.9% against 9.4%. It cut its organic growth outlook on 17 July to between –5% and –3% and held the margin range at 14.8–15.8%. 

At Tieto he set the brief himself: "Tieto has a strong position in technological transformation and is well positioned for digital opportunities. At the same time, both Tieto and the entire industry are undergoing rapid changes, driven by AI. I am excited to join this fast-paced industry and believe that, with my broad experience across multiple businesses, I can contribute to the execution of Tieto’s ambitious strategy. As a CFO, I will focus on ensuring profitable growth and value creation while I believe that it all starts with culture." 

The audit committee chair moved between CFOs too

The annual general meeting on 24 March 2026 elected Petri Castrén, Kemira's Chief Financial Officer from 2013 to 2026 and its interim chief executive in 2023 and 2024. He chairs the audit committee, taking the seat from Kristian Pullola, formerly Nokia's and Finnair’s CFO, who left the board at the same meeting. 

What each company has committed to deliver

Terveystalo is running its ARC strategy toward adjusted earnings per share growth of 10% a year, leverage of no more than 3x and dividend distribution of at least 50% of net result. Nearer term it has to land 2026 adjusted operating profit inside EUR 120–140 million, close Silmäasema and capture the EUR 11–15 million of annual pre-tax run-rate synergies it has disclosed, complete the Solo Health acquisition in the first half of 2027. 

Tieto has to hold an adjusted operating margin of 14.8–15.8% while organic revenue contracts by 3% to 5%, finish resetting Tieto Tech Consulting by integrating Infopulse, Avega, EVRY India and Mentormate and reducing up to 500 roles, run the EUR 90 million buyback to March 2027.  That agenda is what the incoming CFO is being hired to pay for.

Terveystalo's next appointment is the cleanest test of the pattern

Whoever Terveystalo names will either confirm the August finding or be the first genuine exception to it, and the answer should arrive before the nomination board files its proposals on 1 February 2027. Watch also whether an interim covers the gap from 15 December, and how much of a handover Tieto gets: Hyryläinen leaves at the end of December and Pajunen arrives by 1 January at the latest. 

Monthly Leadership Moves

August's biggest seats were filled without a search

Sep 17, 2026

Two new listed chief executives, and neither was chosen by the board that will supervise them. Four finance seats moved, and not one went to a first-time CFO.

On 3 August, Aspo named the chief executive of a company that will not trade until January. On 31 August, UPM's shareholders elected the board of one that will not trade until November, six weeks after its chief executive had already been named. Both appointments were internal. Neither went through a search.

According to Listeds Executive Intelligence, Nordic listed companies recorded 57 board and management changes in August: 51 in management teams and 6 at board level. Boards accounted for roughly one change in ten for a second consecutive month — and most of the board activity that did happen was produced by corporate structure rather than by nomination committees. Every one of the month's larger moves was at a Helsinki issuer or at a Helsinki issuer's Nordic subsidiary.

The demergers set the month's bookends

Aspo's board approved the demerger plan separating ESL Shipping into a new listed company on 3 August and appointed Matti-Mikael Koskinen as chief executive of ESL Shipping Group Plc the same day. Koskinen has run ESL Shipping Ltd since 2013. The demerger completes on 31 December, trading is expected to start on or about 4 January 2027, and the company's own board will not be elected until an extraordinary general meeting on 7 December, four months after its chief executive was named. Rolf Jansson, Aspo's chief executive, is intended to be elected chair.

At the other end of the month, UPM's extraordinary general meeting on 31 August approved the plywood demerger and elected WISA Group Plc's board: Tapio Korpeinen as chair, Mats Nordlander as deputy chair, and Sakari Ahdekivi, Frank Herrmann, Nina Kiviranta and Emmanuelle Picard as members. Tuija Suur-Hamari had been named WISA's President and CEO six weeks earlier, on 16 July. The demerger is expected to complete on or about 31 October, with trading from 2 November, nine weeks after the board was seated.

Under the Finnish Corporate Governance Code, appointing the chief executive is the board's own duty. A demerger inverts that sequence, and there is no other way to staff a company that does not yet exist. The consequence, on this author's reading rather than anything either company has said, is that both new boards take office with their most consequential appointment already made, and their first exercise of that duty will be a review rather than a choice.

One thing the WISA sequence does change: Suur-Hamari will be one of a small number of women running a Helsinki-listed company. Listeds’ CEO Index — Finland | Q2 2026 shows women holding 8.1 per cent of the 186 sitting chief executive roles at 30 June, and one of the 25 first-half starts. Women held 8.1 per cent of the 186 sitting chief executive roles at 30 June, and one of the 25 first-half starts. August added a second name to that pipeline — Elli Siltala, appointed chief executive of Raisio plc on 7 August.

The finance seat moved sideways, or not at all

The month's finance moves were the mirror image of a market hiring new talent into the role.

Digia filled its chief financial officer seat on 5 August by taking Vincit's sitting CFO, Kärkkäinen — the second time since 2017 that Digia has filled the role with a sitting CFO from another Nasdaq Helsinki company. Bioretec named Panu Mikkonen chief financial officer from 6 October, the fourth person named to that seat since September 2025, two of them interim. Kempower appointed Juha Jaatinen interim chief financial officer on 13 August. 

No Helsinki company promoted a first-time chief financial officer into the role in August. 

Eight executives named in two days

Three companies named eight executives across 18 and 19 August.

Nordea's 19 August release did two things at once. It merged Group Risk and Group Compliance into a single function under Mark Kandborg, who continues on the Group Leadership Team, with Nahale Ståhl Hallengren as Chief Compliance Officer from the same date, outside the Group Leadership Team. And it filled leadership in the bank's two largest customer units: Per Långsved, who joined Nordea in 2019 as Head of Personal Banking Sweden and Country Senior Executive, becomes Head of Personal Banking and joins the Group Leadership Team; Randi Marjamaa, at Nordea since 2006, takes a newly created Business Banking leadership post and also joins the Group Leadership Team. Sara Mella steps back from operational roles.

Nightingale Health removed its operating chief's role on 19 August and put two commercial chiefs in its place, at the point where its Americas business needs to produce revenue. Janna Ranta, chief operating officer since May 2025, became Chief Commercial Officer, Research and Healthcare. Hugh Watson, who has spent 25 years in United States laboratory diagnostics, joined from outside as Chief Commercial Officer, Americas.

Finnair named its digital and legal chiefs on 18 August. With those two, four of the nine Executive Board functions — people, digital, legal and finance — have a new holder named in 2026. The chief executive, operating, revenue, customer and communications seats have not moved. The rebuild is running from the strongest quarter Finnair has reported, and from a general meeting that rejected the company's remuneration report with 90 per cent of the votes represented against it.

Helsinki issuers hired for their Swedish operations

Two of the month's chief executive appointments were at Swedish subsidiaries, and both went to local candidates rather than to executives moved out from Finland.

Kreate Group appointed Per Anders Quist chief executive of Kreate Sverige AB on 24 August. Quist joins from Trafikverket, the Swedish Transport Administration, where he was responsible for major infrastructure projects, and has NCC Norway experience behind him. Kreate's own framing is that Sweden has run ahead of its strategy target and is now being handed to an executive expected to sustain that pace and to test a permanent Norwegian footprint. Luotea named Rikard Nyhrén, who joins from Intea and Newsec, chief executive of Luotea Sweden, starting by February 2027.

Talent moved the other way too. Siili Solutions' Chief People Officer, Taru Salo, left on 4 August for Attendo, with Timo Miiluniemi stepping in on an interim basis.

What August actually says

Three things follow for boards and nomination committees.

A demerger is a leadership decision long before it is a market event. The chief executives of two companies that will not trade until November and January were settled in July and early August, and shareholders approved them inside a structural vote.

Board changes remain an AGM-season phenomenon. Six board changes against 51 in management teams, with the largest single block produced by one extraordinary general meeting, says that off-cycle board activity in Helsinki is driven by corporate structure rather than by committee work.

And the finance function is where succession planning is thinnest — but the evidence for that is a lateral market and an interim bench, not a hiring pattern break. August's finance seats were filled by people who already held the title, or left open. Whether September's first-time appointments turn into a pattern or revert to the lateral hire is the question the next two months answer.

Join our Pulse, Best-of-the-Week, and Weekend newsletters

Join our Pulse, Best-of-the-Week, and Weekend newsletters