organizational restructuring

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."

The appointments support Tokmanni's push to improve Dollarstore and redefine its strategy 

Tokmanni Group has strengthened its leadership team with two appointments to lead Dollarstore and oversee group strategy, underscoring new CEO Sampo Päällysaho's effort to rebuild the retailer's leadership around the weakest part of its Nordic expansion.

Martin Sörenhag, managing director for the Nordic countries at Flying Tiger Copenhagen, will join Tokmanni as managing director of Dollarstore on Nov. 1, 2026, as the retailer accelerates efforts to restore profitability at its struggling Swedish discount chain, Tokmanni Group, the Finnish discount retailer that owns Dollarstore and Click Shoes, announced yesterday.

Moreover, Ulrika Göransson, director of retail and associations at Swedish fuel company OKQ8, will become Tokmanni’s chief strategy and transformation officer on Sept. 1, where she will help shape the group's next strategic phase.

Tokmanni is one of the Nordic region's largest discount retailers, operating Finland's Tokmanni chain alongside Sweden's Dollarstore and Denmark's Big Dollar. The 2023 acquisition of Dollarstore marked the group's first major expansion outside Finland and underpins its ambition to build a leading Nordic value retailer.

The appointments mark Päällysaho's second executive team reshuffle since taking over as CEO on July 6 following Mika Rautiainen's retirement. Both executives will report directly to Päällysaho. Dollarstore Managing Director Timo Heimo will remain in the role until Sörenhag joins before returning to Finland by the end of the year. 

Two retail executives with Nordic operating experience

Päällysaho said Sörenhag's international retail background and commercial expertise make him well suited to build on the initiatives already underway to improve customer traffic and strengthen Dollarstore's market appeal. He said the new leader will help advance those efforts and support the chain's long-term growth and profitability.

Sörenhag has led Flying Tiger Copenhagen's Nordic business since 2019, overseeing about 160 stores across five countries. He previously managed the retailer's Swedish operations and has held senior positions at COOP, K-Rauta, Apoteket Hjärtat and Lidl, giving him more than two decades of Nordic retail leadership experience.

Göransson joins after serving at OKQ8 since 2025. Earlier roles include CEO positions at Zetas Garden and Teknikmagasinet's Swedish and Norwegian operations, along with senior strategy, business development and marketing roles at Clas Ohlson. 

The CEO also said Göransson "will play an important role in shaping and executing our future strategy and supporting the development of our business."

Dollarstore turnaround becomes an early priority

The appointments come as Dollarstore remains a key focus for Tokmanni. In the first quarter of 2026, the segment increased revenue by over 7% year over year, but comparable EBIT declined over 35% to a loss of EUR 10.5 million as weak like-for-like sales weighed on profitability.

The challenges have also affected the wider group. Tokmanni said Dollarstore's integration contributed to significant additional costs in 2025, when full-year comparable EBIT declined 15% to EUR 84.8 million. In the third quarter, higher Dollarstore expenses weighed on group comparable EBIT despite record comparable EBIT in the core Tokmanni segment. The board also withheld a second 2024 dividend installment to strengthen the balance sheet ahead of planned investments.

Against that backdrop, Sörenhag has been brought in to help drive Dollarstore's turnaround, while Göransson joins as Tokmanni prepares its next phase of strategy under CEO Sampo Päällysaho.

Shares in the newly listed Lassila & Tikanoja Plc (LASTIK) traded modestly lower shortly after the open in Helsinki, as markets digested the company’s clarified ownership structure following its partial demerger from the former parent, now Luotea Plc.

Around 30 minutes after trading started today, LASTIK shares fell around 3 percent to €7.85 on the Helsinki exchange, following the one-day Epiphany holiday and the circular economy company's announcement on January 5 to explain its post-listing shareholder structure.

The three largest shareholders of Lassila & Tikanoja are Evald ja Hilda Nissi Foundation (9.15 %), Protector Forsikring ASA (5.27 %), and Nordea Nordic Small Cap Fund (5.26 %). Together with the rest of the top 10, these shareholders represent 35.1 % of the company’s total shares and votes. 

The demerger follows a board decision approved in August 2025 to separate the circular economy operations into their own listed company, with the stated intent of clarifying strategy and focus for both businesses. At the same time, the facility services arm continues independently as Luotea.

On January 5, Lassila & Tikanoja reported major managers’ transactions related to the split. The most substantial allocation went to Evald ja Hilda Nissi Foundation, an entity closely associated with board member Sakari Lassila, which received over three million in Lassila & Tikanoja as demerger consideration, based on a bourse notice.

Among individuals, Chief Executive Eero Hautaniemi received nearly 58,600 shares on the same day, while board member Jukka Leinonen received over 45,800 shares. All transactions were reported at a transaction price of zero euros, underscoring their technical nature as part of the demerger.

Lassila & Tikanoja’s roots stretch back more than a century to a wholesale business founded in Vaasa in 1905. Over the past decade, its strategic identity has increasingly aligned with environmental services and the circular economy, shaped by tightening regulation and sustainability demands across Finland and Sweden.

Lindex Group, previously known as Stockmann Group plc, is edging closer to a structural separation of its businesses, as improving operating performance in the department store unit continues to be overshadowed by negative cash flow and heavy lease liabilities.

In a stock exchange release today, the board said it has concluded that “separating the department store business would be the best strategic path forward,” following an extensive review of strategic alternatives for Stockmann, an iconic department store chain in Finland. While several options have been explored, their feasibility is constrained by balance sheet realities.

The decision carries historical weight and illustrates how, over time, an acquisition can outgrow its acquirer. Stockmann bought Sweden’s Lindex, one of Northern Europe’s leading fashion chains, in 2007 as part of its international expansion. What began as diversification now anchors the group’s investment case, as the traditional department store business continues to struggle.

Third-quarter results prove the case. Between July and September 2025, group revenue rose 2.5% to EUR 227.6 million. Lindex grew faster, with revenue up 3.8% to EUR 165.4 million, while Stockmann’s revenue of EUR 62.4 million remained flat year on year. The Stockmann division’s adjusted operating result improved to EUR –2.6 million from –4.5 million, mainly due to systematic operational and cost efficiency measures. Even after six consecutive quarters of improvement, the unit remains loss-making.

This context explains the board’s stance. It explicitly noted that “despite improved profitability during 2025, the department store business continues to generate negative cash flow and has significant lease liabilities.” These factors complicate all separation scenarios, whether a sale, spin-off, or other structural solution.

For investors, the strategic message is becoming clearer. Lindex represents growth and international scale. Stockmann, founded in 1862 and still culturally significant in Finland and the Baltics, is improving operationally but remains structurally constrained. The board’s challenge is no longer whether separation makes sense, but how to execute it without eroding long-term value.