“Five and a half million people with modest purchasing power and even weaker willingness to spend,” says Riku Vassinen, CEO of marketing communications agency Hasan and Partners and a board member at Salama Brewing Company, describing the Finnish market. It is, he adds, “a difficult combination. The market exists elsewhere.”

For Salama, fragrance house SEES, and food delivery company Wolt, that reality has shaped strategy from the start. In a small home market, growth demands sharper positioning and earlier international moves, sometimes even at a Hollywood scale.

Riku Vassinen, CEO of marketing communications agency Hasan and Partners and a board member at Salama Brewing. Photo given by Vassinen.

Salama. Export as structure

Salama, a craft brewer founded by four friends in 2019, shows how quickly the domestic ceiling appears.

The Helsinki-based brewery recently began exporting to China, marking its 23rd export market. Export revenue is approaching half of the total turnover. At the current pace, Sweden may soon surpass Finland as its largest market.

International growth has been deliberate. Salama has maintained a steady presence at festivals, bars, and trade events outside Finland.

Recognition followed. Hop Culture selected Salama as one of the most interesting breweries in the world in 2025. The New York Times listed its Salamanation bar as a must-visit destination in Helsinki. In an ironic twist, fame abroad accelerated recognition at home.

SEES. Small and fast

SEES, led by CEO Elisa Koivumaa, represents a different kind of leverage.

SEES hand wash products. Photographed by Christian Jakowleff.

Earlier this month, the Finnish fragrance house placed its products in the Grammy Awards goodie bags, Koivumaa shared on LinkedIn. International visibility had been building earlier. SEES products had appeared in the And Just Like That series, Koivumaa explains to Listeds.

The collaboration came without a marketing agency. Someone on the HBO team had discovered SEES on Instagram and was drawn to its minimalist aesthetic.

“Small can be an advantage,” Koivumaa says, adding that a niche brand like SEES should think globally from day one.

Her thinking was shaped by time spent living in Japan, where branding, storytelling, and restraint are highly valued. The experience led her to question why Finland’s strengths, pure nature, quiet design, and conceptual clarity, so rarely translate into global hit brands.

Part of the obstacle, she suspects, is fear of failure. Some founders worry that not entering large supermarket chains signals defeat. Koivumaa disagrees. When HBO requested products for the sequel to the HBO series Sex and the City, SEES was able to customize the products and meet the requirements immediately.

Being niche allows the brand to position itself as exclusive and premium. Producing biodegradable cosmetics, scents, and detergents in Finland is not a limitation. It enables SEES to say yes only to opportunities that align with its values. Above all, it leaves room to think internationally from day one.

Wolt. Hollywood without hesitation

Wolt, acquired by DoorDash in 2022, reflects the same small market logic at a greater scale, with the backing to think bigger.

Andrew MacDonald, CEO of MacWell (wearing black), photographed during filming with Owen Wilson in Australia. Photo provided by MacWell.

In its first global brand ambassador campaign, Wolt cast Owen Wilson, known from Midnight in Paris and Zoolander, and rolled out a cinematic campaign across 25 countries last year.

According to MacWell, the agency leading the project, the decisive factor was not the celebrity alone but the process. As Andrew MacDonald, CEO of MacWell, puts it: "Wolt was looking for an iconic face whose influence could travel across regions while still feeling neighborly and authentic.” Wilson was selected after extensive shortlisting, and the creative was written with his voice in mind. The guiding question was simple: how would Owen do this?"

The production took place in Australia over a single, tightly orchestrated day, involving multiple teams and remote collaboration. The more lasting lesson came afterward.

“A celebrity is not an idea. You need to match the persona's brand to your brand positioning,” says Liisa Paasio, executive creative director at MacWell. It requires investments, she states, but offers exponential returns.

MacWell's Executive Creative Producer Marc Stevenson urges Finnish companies to ask bigger questions. What kind of campaign could we build with an A-list star? What if it were possible? He sums it up: “If you do not ask, you do not receive.” 

Built for beyond

Vassinen argues that the shift must happen early. “Companies must look beyond Finnish borders. This means that leaders must speak to global audiences and brands must be built for international relevance from the very beginning.”

For Salama, that has meant export markets accounting for nearly half of revenue. For SEES, it has meant designing a brand that can respond quickly when the global media calls. For Wolt, it has meant launching a campaign across 25 countries with a Hollywood actor at its center.

Finland’s 5.5 million consumers do not allow companies to rely solely on domestic depth. The constraint demands clarity, speed, and international orientation.

|

Weekend

Wolt, SEES, and Salama show the power of a small market

Wolt, SEES, and Salama show the power of a small market

·

5 min read

Credit: Elisa Koivumaa, founder and CEO of SEES. Photographed by Sanna Lehto.

Credit: Elisa Koivumaa, founder and CEO of SEES. Photographed by Sanna Lehto.

“Five and a half million people with modest purchasing power and even weaker willingness to spend,” says Riku Vassinen, CEO of marketing communications agency Hasan and Partners and a board member at Salama Brewing Company, describing the Finnish market. It is, he adds, “a difficult combination. The market exists elsewhere.”

For Salama, fragrance house SEES, and food delivery company Wolt, that reality has shaped strategy from the start. In a small home market, growth demands sharper positioning and earlier international moves, sometimes even at a Hollywood scale.

Riku Vassinen, CEO of marketing communications agency Hasan and Partners and a board member at Salama Brewing. Photo given by Vassinen.

Salama. Export as structure

Salama, a craft brewer founded by four friends in 2019, shows how quickly the domestic ceiling appears.

The Helsinki-based brewery recently began exporting to China, marking its 23rd export market. Export revenue is approaching half of the total turnover. At the current pace, Sweden may soon surpass Finland as its largest market.

International growth has been deliberate. Salama has maintained a steady presence at festivals, bars, and trade events outside Finland.

Recognition followed. Hop Culture selected Salama as one of the most interesting breweries in the world in 2025. The New York Times listed its Salamanation bar as a must-visit destination in Helsinki. In an ironic twist, fame abroad accelerated recognition at home.

SEES. Small and fast

SEES, led by CEO Elisa Koivumaa, represents a different kind of leverage.

SEES hand wash products. Photographed by Christian Jakowleff.

Earlier this month, the Finnish fragrance house placed its products in the Grammy Awards goodie bags, Koivumaa shared on LinkedIn. International visibility had been building earlier. SEES products had appeared in the And Just Like That series, Koivumaa explains to Listeds.

The collaboration came without a marketing agency. Someone on the HBO team had discovered SEES on Instagram and was drawn to its minimalist aesthetic.

“Small can be an advantage,” Koivumaa says, adding that a niche brand like SEES should think globally from day one.

Her thinking was shaped by time spent living in Japan, where branding, storytelling, and restraint are highly valued. The experience led her to question why Finland’s strengths, pure nature, quiet design, and conceptual clarity, so rarely translate into global hit brands.

Part of the obstacle, she suspects, is fear of failure. Some founders worry that not entering large supermarket chains signals defeat. Koivumaa disagrees. When HBO requested products for the sequel to the HBO series Sex and the City, SEES was able to customize the products and meet the requirements immediately.

Being niche allows the brand to position itself as exclusive and premium. Producing biodegradable cosmetics, scents, and detergents in Finland is not a limitation. It enables SEES to say yes only to opportunities that align with its values. Above all, it leaves room to think internationally from day one.

Wolt. Hollywood without hesitation

Wolt, acquired by DoorDash in 2022, reflects the same small market logic at a greater scale, with the backing to think bigger.

Andrew MacDonald, CEO of MacWell (wearing black), photographed during filming with Owen Wilson in Australia. Photo provided by MacWell.

In its first global brand ambassador campaign, Wolt cast Owen Wilson, known from Midnight in Paris and Zoolander, and rolled out a cinematic campaign across 25 countries last year.

According to MacWell, the agency leading the project, the decisive factor was not the celebrity alone but the process. As Andrew MacDonald, CEO of MacWell, puts it: "Wolt was looking for an iconic face whose influence could travel across regions while still feeling neighborly and authentic.” Wilson was selected after extensive shortlisting, and the creative was written with his voice in mind. The guiding question was simple: how would Owen do this?"

The production took place in Australia over a single, tightly orchestrated day, involving multiple teams and remote collaboration. The more lasting lesson came afterward.

“A celebrity is not an idea. You need to match the persona's brand to your brand positioning,” says Liisa Paasio, executive creative director at MacWell. It requires investments, she states, but offers exponential returns.

MacWell's Executive Creative Producer Marc Stevenson urges Finnish companies to ask bigger questions. What kind of campaign could we build with an A-list star? What if it were possible? He sums it up: “If you do not ask, you do not receive.” 

Built for beyond

Vassinen argues that the shift must happen early. “Companies must look beyond Finnish borders. This means that leaders must speak to global audiences and brands must be built for international relevance from the very beginning.”

For Salama, that has meant export markets accounting for nearly half of revenue. For SEES, it has meant designing a brand that can respond quickly when the global media calls. For Wolt, it has meant launching a campaign across 25 countries with a Hollywood actor at its center.

Finland’s 5.5 million consumers do not allow companies to rely solely on domestic depth. The constraint demands clarity, speed, and international orientation.

Board Programme

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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.

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.

Topics

# Topics

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.

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

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.

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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Monthly Leadership Moves

September's finance seats started filling from inside

Oct 9, 2026

Through August, every incoming chief financial officer at a Helsinki issuer since December 2025 already held the title somewhere else. In September, Vincit promoted from its own controlling team and UPM made WISA's interim finance chief permanent. The lateral market did not close: Tieto and Relais both hired sitting finance chiefs, and Terveystalo is now searching for one.

Listeds had recorded at least ten CFO changes across Nasdaq Helsinki and First North between December 2025 and August 2026, and not one incoming finance chief was taking the job for the first time. Last month's roundup ended on whether September would break that run. It did, at the smaller end of the market.

The month's second signal was structural. Viking Line, Kalmar, Terveystalo and the planned UPM and Sappi graphic paper joint venture each redrew an organization in September and named the people to run it. Board-level change stayed thin, and most of it was nomination-board formation for the 2027 annual general meetings rather than turnover in the boardroom itself.

Vincit and WISA broke the lateral run with internal finance appointments

The Digia and Vincit chain that opened in August closed in September. Vincit named a successor on September 01, and went inside to do it. Paula Kuittinen, Head of Management Accounting and Business Control since March 2026 and before that more than 12 years in finance roles at CGI, most recently she has been the Finance Director, now becoming the CFO on November 1. "It is great to be able to appoint our new CFO from within the company," said chief executive Julius Manni.

On September 18, UPM's board appointed Lasse von Hertzen, previously WISA's interim CFO, its permanent Senior Vice President and Chief Financial Officer, effective when the plywood demerger completes. That finishes a WISA leadership team named in full by the parent's board, with trading expected from November 2.

LapWall took a third route. Tuomo Riihonen's employment ended on September 24, and the next day the company named Tiina Määttä Chief Financial Officer and Legal Officer from October 1. Her record runs through finance and legal advisory roles at Talenom and Greenstep and the chief executive seat at Kymsol Group.

Kempower named Lasse Hatinen on September 9, bringing more than 15 years of finance leadership in listed industrial companies. He joins by March 1, 2027 at the latest, from Metso where he has served as Senior Vice President, Group Controller. Juha Jaatinen, interim since August 13, holds the seat until then.

Larger issuers kept buying finance chiefs who already hold the title

The lateral market remains the default above small cap. Tieto appointed Juuso Pajunen from Terveystalo on September 16, and Terveystalo opened its search the same day. Relais Group appointed Joonas Mäkipeska on September 14 from Technopolis, where he is Chief Financial and Strategy Officer, after CFO roles at Holiday Club Resorts, Sponda and ALD Automotive. Chief executive Christian Gebauer framed the brief as "continued profitable growth, supported by financial discipline, strong cash conversion and investment discipline."

Stora Enso moved the other way on the same theme: on September 17 CFO Niclas Rosenlew was named deputy chief executive to President & CEO Hans Sohlström while keeping the finance role. Tallink appointed Armin Penner as its new CFO on September 8. He has worked for more than six years as CFO and Management Board Member of Circle K Eesti and has also served as CFO of Euroapteek and Ragn-Sells Eesti. 

SSH went outside for its chief executive, Arvo went to its own board

September's two listed-issuer CEO appointments took opposite routes. SSH Communications Security named Lars Bell from Omada, where he was Chief Customer Officer and interim chief executive, effective October 1. The share rose 49.5% in the five sessions to September 7. Bell inherits a business whose second-quarter revenue recovered to EUR 5.7 million, up 6.8%, while EBITDA fell 40.7%, and he starts on the same day as CFO Cristian Arias. The third-quarter report will be the first one a rebuilt executive team owns.

Arvo Sijoitusosuuskunta named Teemu Kokko, a member of its board of directors since 2021, deputy chief executive from December and chief executive from April 1, 2027. The selection ran through a nomination committee drawn from the cooperative's supervisory board, one level above the board Kokko sits on. He inherits first-half operating profit of EUR 8.5 million against EUR 6.5 million a year earlier, most of the step-up traced to an approximately EUR 6.9 million gain on the HANZA exit.

Reorganizations, not departures, produced most management-team changes

The month's largest management-team changes came attached to new structures. Kalmar announced plans on September 3 to simplify its operating model by combining divisions. Terveystalo said on September 4 it will report in four segments from 2027, Healthcare Services, Oral Health, Public Partnerships and Sweden, and named Ville Pesonen senior vice president for oral health. Viking Line renewed its management structure on September 8 and established a Viking Leadership Team. UPM and Sappi nominated Gunnar Eberhardt and Stephen Blyth to lead their planned graphic paper joint venture on September 8, and the wider management team on September 14. 

Technology seats moved alongside. Aspocomp named Ville Raatikainen Chief Engineering and Technology Officer from January 1, 2027, the second outside hire to its team since July, timed to the phased commissioning of its expanded Oulu plant.

Directors moving into executive roles drove September's committee changes

Only one board chair left. Kari Syrjänen resigned as chair of Biohit on September 2. The two committee changes that followed shared a cause: a director taking an executive job. Tulikivi's audit committee chair Niko Haavisto left the board after becoming CFO of Fiskars, and Panu Paappanen became the chairperson on September 14. At Olvi, director Tarmo Noop left the audit committee to run the Estonian subsidiary A. Le Coq on an interim basis, and board chair Nora Hortling replaced him.

September split the finance pipeline by company size

September broke the lateral CFO run, but only at the smaller end of the market: Vincit and WISA filled their finance seats from inside, while Tieto and Relais kept hiring sitting finance chiefs. At chief executive level, Arvo promoted from its own board and SSH went outside. Most management-team changes followed reorganizations rather than departures. On boards, the committee changes came from directors moving into executive roles, and most other activity was nomination-board formation for 2027. With interim finance cover at Kempower and Relais and an open seat at Terveystalo, the next test is whether larger issuers start filling finance seats from within. 

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