sustainability

Sampo Immonen, head of research and development for Valmet's paper and board machines business, will join Spinnova Plc as chief technology officer no later than Oct. 1, 2026, as the Finnish textile-fiber company reshapes its technology leadership while working to restart production and prepare for industrial-scale manufacturing following a difficult 2025.

Immonen will join the management team and report to CEO Janne Poranen, while longtime CTO Juha Salmela moves into the newly created role of chief technology strategy and innovation officer, remaining on the management team, the sustainable fiber pioneer announced recently. The new roles divide responsibility between industrial-scale operations and future technology development.

Founded in 2009, Spinnova develops patented technology for producing textile fiber from wood pulp and waste materials without harmful chemicals or dissolving. The technology originated from research by Juha Salmela at VTT inspired by the way spiders spin silk. The company has already collaborated with brands including The North Face, Puma, Bestseller, H&M Group, Adidas, Ecco and Marimekko. 

Spinnova has been reshaping its leadership throughout 2026 while advancing its production restart plans. Immonen's appointment follows Chief Commercial Officer Mikko Lassila's arrival in April and comes less than two weeks after the company announced Chief Product and Sustainability Officer Shahriare Mahmood would leave in October after five years on the management team, as reported by Listeds earlier.

CEO Janne Poranen said Immonen will help support the company's industrial-scale ambitions. "Sampo is an excellent addition to our team and will play an important role in the company's development and in scaling our technology to industrial scale." 

Immonen joins after more than 14 years at Valmet, where he held a series of technology and R&D leadership roles, most recently heading R&D for the paper and board machines business. His experience spans technology portfolio management, strategic partnerships, piloting and new business development. He said his fiber-industry experience and professional network would help create value for Spinnova and support the company's next stage of development.

Technology leadership split reflects changing responsibilities

The new structure separates responsibility for operating Spinnova's current technology from developing its future technology platform. As CTO, Immonen will oversee industrial-scale technology operations, while Salmela—whose research formed the basis of Spinnova's fiber technology—will concentrate on future technologies, intellectual property and strategic opportunities.

The appointment is the third management team change Spinnova has disclosed this year. As of Oct. 1, the management team will comprise CEO Janne Poranen, CFO and People Officer Santeri Heinonen, CTO Sampo Immonen, CMO Mikko Lassila, Chief Product and Sustainability Officer Shahriare Mahmood until Oct. 20, CTSIO Juha Salmela and General Counsel Johanna Valkama. Mahmood's departure leaves the product and sustainability portfolio without a long-term leader.

The management changes come after a challenging 2025, when Spinnova’s revenue declined almost 55% to EUR 344,000, and operating loss more than doubled to EUR 41.3 million, partly because of an EUR 18.4 million impairment related to the Woodspin joint venture. Since then, Spinnova has focused on preparing to restart production at the Woodspin demonstration facility in Jyväskylä while broadening the commercial network supporting its fiber technology. 

Unlike the management team, the board has remained largely unchanged. At the April 2026 AGM, shareholders re-elected the board and authorized a share issuance. More recently, Pirkka Palomäki replaced Ilkka Kivimäki on the shareholders' nomination board, the body responsible for proposing future board candidates, ahead of the 2027 AGM cycle. 

New role follows reorganization of Neste's fastest-growing business

Elim Yeoh, vice president, Biofuels Growth Americas at oil and gas giant BP, will join Neste as president, Renewable Products, North America on Sept. 1, 2026, to lead the Finnish company's new North American business unit as Neste strengthens executive oversight of Renewable Products, one of its two largest operating businesses.

Yeoh will oversee the North American business unit, including commercial operations, feedstock sourcing and the Martinez Renewables joint venture, while reporting to President and CEO Heikki Malinen, the world's leading producer of renewable diesel and sustainable aviation fuel announced recently.

The position has been held on an interim basis by SVP Carl Nyberg since April, when Neste established the regional business unit as part of a broader reorganization of its renewable products business that the company said was designed to accelerate value creation.

New structure puts greater emphasis on renewables

Renewable Products, which produces renewable diesel and sustainable aviation fuel, delivered Neste's strongest earnings growth in 2025, with comparable EBITDA rising nearly 49% to EUR 764 million, making it one of the company's two largest operating segments alongside Oil Products.

Against that backdrop, North America remained Neste’s second-largest market for Renewable Diesel and SAF in 2025, accounting for 28% of sales volumes, compared with 72% in Europe.

Reflecting the segment's growing significance, Neste established the Renewable Products, North America business unit to oversee regional commercial operations, feedstock sourcing and the Martinez Renewables joint venture with Marathon Petroleum. The company said the new structure will support long-term growth without altering its financial reporting structure.

BP executive brings more than two decades of industry experience

Yeoh brings more than 20 years of leadership experience across the downstream, midstream and renewable fuels sectors. At BP, she led biofuels growth across the Americas, focusing on commercial partnerships and business development. Before joining the London-headquartered multinational, she held leadership positions at Chevron spanning refining, chemicals and renewable fuels.

President and CEO Heikki Malinen highlighted Yeoh's track record and industry experience, adding that: "This will be invaluable as we continue to strengthen our regional presence and drive the growth of our Renewable Products business in North America."

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.

Nokia was the highest-ranked Finnish company in TIME and Statista's World's Most Sustainable Companies 2026 ranking, placing fourth globally, up from 37th last year.

With a score of 90.80, Nokia was also one of only two Nordic enterprises in the top 10 this year, alongside Swedish real estate company Castellum (#8), according to the ranking released yesterday. No Nordic company made the global top 10 in the 2025 edition. The annual ranking evaluates firms based on sustainability-related criteria, including environmental impact, transparency, and accountability. 

The top spot went to French energy management and automation company Schneider Electric, followed by Japanese consulting and IT services firm Nomura Research Institute and Italian luxury fashion brand Moncler.

Nineteen Finnish companies appeared on the list of 750 companies. After Nokia, telecommunications operator Elisa ranked 61st with a score of 84.87. Tire manufacturer Nokian Tyres placed 100th, followed by retail and wholesale group Kesko at 103rd and forestry and renewable materials company UPM-Kymmene at 107th. Software and IT services provider Tieto ranked 182nd, while industrial technology supplier Metso and crane manufacturer Konecranes placed 285th and 306th, respectively.