Executive departures

Bioretec has appointed Panu Mikkonen as chief financial officer from 6 October 2026, the fourth person to be named to the role since September 2025.

The appointment itself is quite routine. What stands out is the pattern around it: of roughly 400 management-team changes at Finnish listed companies that Listeds has tracked so far in 2026, Bioretec's finance function stands out for cycling through four CFOs (two of them interim) in just over a year, a pace uncommon for the role.

How the CFO role changed hands

Anne-Mari Matikainen took over as interim CFO with immediate effect on September 15, 2025, while outgoing CFO Johanna Salko stayed on to support the transition until her departure on November 30, 2025. Tuukka Paavola became permanent CFO on January 20, 2026, but Bioretec disclosed his departure barely six months later, on July 2, 2026. Anna-Mari Venola stepped in as interim CFO the same week to bridge to Mikkonen. Mikkonen is the fourth person to hold or be named CFO in roughly 13 months.

Frequent leadership changes cut two ways. Rapid turnover carries a cost of its own, in lost continuity and institutional memory, but replacing a poor fit quickly can equally signal decisiveness.

Two of the four moves were interim appointments, the usual way a company covers a gap while it searches, not four permanent hires that failed. Interim finance chiefs are in many cases also confirmed in the job later, though at Bioretec neither was made permanent.

All four CFO changes have unfolded under a single chief executive, Sarah van Hellenberg Hubar-Fisher, who became CEO after serving an interim position since May 2025, only in August 2025, weeks before the first of them; new chief executives often rebuild the finance function around themselves, and some of the turnover may reflect that. Bioretec has not disclosed the reasons behind each departure.

Leadership change comes amid broader strategic reset

Pia Aaltonen-Forsell, former CFO of Finnair, will join Valmet as chief financial officer and a member of the executive leadership team no later than the end of January 2027, as the Helsinki-listed industrial technology company advances a strategic review that could separate its two core businesses into independently listed companies. 

Aaltonen-Forsell succeeds Katri Hokkanen, who will leave the role by the end of September 2026 after nearly four years as CFO and almost two decades with the company, Valmet announced on July 24.

On the same day, the board launched a strategic review to assess whether separating the two businesses of Biomaterial Solutions and Services and Process Performance Solutions into independently listed companies would create greater shareholder value.

Valmet is a Finnish industrial technology company serving process industries through two businesses. Originally established as the state-owned Valtion Metallitehtaat in 1950 and re-established as an independent listed company following its demerger from Metso in 2013, its larger Biomaterial Solutions and Services segment accounts for about 70% of revenue and supplies production equipment and maintenance for pulp, paper, tissue and renewable energy plants. Process Performance Solutions generates the remaining revenue, providing industrial automation, software and flow control systems for customers across industries including chemicals, energy, water treatment and paper manufacturing.

Valmet also announced on July 22 that Sami Riekkola, executive vice president of Pulp, Energy and Circularity, will leave for an external opportunity no later than Jan. 22, 2027. The company has begun recruiting his successor.

The business she inherits

Aaltonen-Forsell takes over the finance function as Valmet navigates a mixed financial picture. The company delivered record profitability in 2025 and has reaffirmed its 2026 guidance for net sales to remain at the 2025 level and comparable EBITA to remain at or exceed last year's result. However, orders received declined in both the first and second quarters of 2026, first-half operating cash flow fell to EUR 100 million from EUR 297 million a year earlier, and gearing increased to 39% from 35% at the end of 2025.

Aaltonen-Forsell joins from Finnair, where she has served as CFO since June 2025, helping steer the flag carrier through geopolitical disruptions and higher fuel costs. Most recently, Finnair reported a record Q2 adjusted EBIT of EUR 78 million. Aaltonen-Forsell previously held CFO positions at Northvolt, Outokumpu, Ahlström-Munksjö, Munksjö and Vacon, and earlier worked in finance leadership roles at Stora Enso. She also serves on the board of UPM-Kymmene, where she chairs the audit committee.

CEO Thomas Hinnerskov said Aaltonen-Forsell's experience across global industrial companies will strengthen the company's finance leadership. "As we continue to develop Valmet and execute our strategy, her leadership will be important in driving our financial performance, cost competitiveness, and long-term value creation for our stakeholders."

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.

Timo Ritakallio, President and Group CEO of Finland's OP Pohjola, has announced that he will retire on 1 July 2027 in line with his executive contract. He will continue in the role until his retirement date.

Ritakallio has led OP Pohjola since March 2018 after serving as President and CEO of Ilmarinen Mutual Pension Insurance Company. He holds a Doctor of Science (Technology), a Master of Laws and an MBA. Earlier in his career, he served as Deputy CEO of OKO Bank and Pohjola Bank before joining Ilmarinen.

In addition to his executive responsibilities, Ritakallio serves as Chair of Finance Finland, Vice Chair of the boards of Kesko and Outokumpu, and is a board member of the Confederation of Finnish Industries (EK) and the European Banking Federation.

No successor has been named at this stage. Although Harri Nummela has served as Deputy to the President and Group CEO and Deputy CEO since March 2022, the retirement announcement does not identify him or any other individual as a successor candidate.