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November 7, 2019updated 09 Apr 2021 2:30pm

Apetit names Teemu Luovila as CFO to replace Tero Heikkinen

Apetit has named a replacement for finance chief Tero Heikkinen, who is due to head up the Finland-based food company's grains and oil-seed business as a director. 

By Dean Best

Apetit has named Teemu Luovila to replace finance chief Tero Heikkinen, who is due to head up the Finland-based food company’s grains and oil-seed business as a director. 

Luovila will start in his position on 1 February “at the latest”, the Helsinki-listed company said in a statement today (7 November). Last month, Apetit announced Heikkinen would take up his new position at the grains business on 1 December.

The company, which supplies fresh to frozen vegetables, pizzas and vegetable cooking oils, is undergoing a business reorganisation having issued a profit warning in September under newly-installed chief executive Esa Mäki, who joined Apetit during the summer after Juha Vanhainen stepped down. 

Luovila previously worked as CFO for equipment manufacturer Sataservice-Yhtymä and also held the CEO role at recruitment firm Kaiku HR. He has also served as a partner at Ernst & Young Oy.  

“I warmly welcome Teemu Luovila to Apetit to strengthen the team and build the company further in its new form,” said Mäki.

Earlier this week, Apetit instigated a profit-improvement plan after reporting what it described as “unsatisfactory” third-quarter results, including a net loss of EUR1.2m (US$1.3m) versus a EUR1.5m profit a year earlier. 

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