Raisio has announced the departure of its chairman alongside a downgrade to the Finnish food group’s forecasts for sales and profits.
The Benecol brand owner said today (6 November) that board chair Arto Tiitinen has resigned with immediate effect due to personal reasons.
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Raisio also warned in a separate stock exchange filing that its annual results for sales and comparable EBIT are likely to land around the same level as last year, rather than the previously expected “increase” from the previous 12 months.
Meanwhile, Leena Niemistö has been elected to take the board chair role from Tiitinen. She has been a member of the Elovena granola oatmeal and oat drinks brand maker’s board since 2017.
Niemistö will hold the chairmanship position until Raisio’s election of directors at the next annual general meeting scheduled for 20 April. Antti Elevuori will continue as vice chair.
The departure of Tiitinen marks another executive change since a new CEO was installed at the start of September.
Elli Siltala took the helm from Pasi Flinkman, who announced he was leaving the business in May.
Flinkman had introduced a new three-year strategy in 2025 and also appointed an M&A director for the first time, Anni Palmio.
However, Raisio said today it had “decided to dissolve” the so-called M&A Committee headed by Palmio.
Meanwhile, ahead of the nine-month financial results due on 10 November, the listed group lowered its annual guidance for sales and comparable EBIT.
It said the downgrade reflected a “weaker-than-expected sales performance towards the end of 2026”.
Sales are likely to be at the same level as last year, while comparable EBIT will also be in line with 2025 but with the risk of a small decrease.
Last year, Raisio reported group sales of €224.2m ($249.4m), down 1.1% from the corresponding period.
Comparable EBIT rose 21.6% to €28.5m, while the equivalent EBITDA metric climbed 13.3% to €37.8m. Comparable EPS was up 19.3% at €0.15.
Raisio provided an update today on what it expects from next week’s results.
Sales are seen rising 1.3% to €171.3m, while comparable EBIT is projected to fall 5.2% to €21.5m.
