Tommi Valento exits Elenia to steer Lumo Kodit's post-Varma finance agenda

Tommi Valento, CFO of Finnish electricity distribution company Elenia, will join Lumo Kodit Oyj, Finland's largest private residential rental company, as chief financial officer and a member of the management team no later than Jan. 13, 2027, to lead its post-Varma financing priorities.

Valento succeeds CFO Erik Hjelt, who retires on July 1 after 11 years in the role, the property company, previously known as Kojamo, announced yesterday. CEO Reima Rytsölä said Valento brings "strong CFO experience in a capital-intensive industry and very strong expertise in capital structure management."

The appointment completes a three-stage succession plan. Hjelt will retire after serving as CFO since 2015 and as interim CEO between November 2024 and June 2025. Antti Syvänen, director of group accounting and financial administration, will serve as interim CFO until Valento assumes the role. 

Leadership renewal continues

Valento joins amid the most extensive leadership renewal in the company's recent history. Since Rytsölä became CEO in June 2025, Lumo Kodit has appointed Tuomas Kaulio as EVP, data & technology, and Katri Viippola as EVP, people, brand & sustainability. 

By the time Valento starts, five of the company's six senior management positions will have changed since it operated under the Kojamo name, while EVP Ville Raitio and EVP Janne Ojalehto provide continuity across investments and housing operations. 

The management changes coincide with the company's rebranding to Lumo Kodit, the integration of a 4,760-plus-apartment portfolio acquired from Varma, and a broader strategic reset.

The appointment brings in an executive with deep experience managing capital-intensive businesses. Valento has served as CFO of Elenia since 2015, leading the finance function during a period of significant investment in electricity network infrastructure. Earlier, he was CFO of Pohjolan Voima and held a debt advisory role at KPMG, bringing experience in capital-intensive businesses, financing structures, and debt markets that aligns with Lumo Kodit's priorities.

Valento said he was drawn to the company's strong foundation and ambitions for its next phase. "I am delighted to have been given the trust and excited about the opportunity to join the Lumo team at this exciting stage in the company's development. The company has a strong foundation, ambitious goals, and an important role in Finnish society. I look forward to working with Lumo's employees, management team, and board of directors in building the company's next development phase," he said.

What Lumo Kodit is trying to accomplish

Valento arrives as Lumo Kodit works to return to growth after reshaping its portfolio. 

The acquisition of over 4,760 rental apartments from Varma is expected to restore growth following apartment disposals in 2025, while management seeks to improve funds from operations per share and strengthen recurring earnings. The company is also refinancing a €600 million acquisition facility through the capital markets, maintaining a high hedge ratio against interest-rate risk and preserving balance-sheet flexibility.

Operational priorities include improving customer experience after achieving a record Net Promoter Score of 60 in March 2026 and completing the transition to a single Lumo brand following the company's name change from Kojamo earlier this year. 

Lumo Kodit reaffirmed its full-year 2026 guidance for revenue of €484 million to €497 million, implying 6%–9% annual growth, and funds from operations of €147 million to €157 million, implying 4%–11% growth, excluding non-recurring items. Management expects the recently acquired Varma portfolio to drive much of the second-half contribution needed to reach those targets.