Valio CEO Annikka Hurme will retire at the end of 2026, ending a career at the Finnish food group that has spanned almost four decades.
The board of the dairy and food company has appointed Matti Lehmus as Hurme’s successor, effective from 1 January.
Hurme will remain in her post until the year-end. She joined Valio in 1989 and has held the CEO role since 2014.
In a statement today (8 June), Valio board chair Vesa Kaunisto said: “Valio’s strategy emphasises international expansion, strengthening growth brands, accelerating new businesses and building new capabilities in a rapidly changing operating environment.
“Valio’s board of directors is convinced that Matti’s strategic expertise and strong leadership will support the achievement of our goals.”
Lehmus joins Valio from outside of the food sector after a career at Finnish energy group Neste.
At Neste, he advanced through several leadership positions in sales and business development between 1998 and 2009.
Lehmus then transitioned into executive roles, working as executive vice president for oil products and renewables over more than a decade.
He later became president and CEO, a role he held from May 2022 until October 2024.
Lehmus also served on the boards of the National Emergency Supply Council from 2018 to 2024 and the Confederation of Finnish Industries EK between 2019 and 2020.
In March 2025, he joined the Kemira board of directors as a non-executive director.
Lehmus said: “It is a great opportunity to lead Valio, which has a unique role in the Finnish food industry. Valio has a strong foundation: skilled employees, respected brands and the ability to develop new products.”
On the outgoing CEO’s contributions, board chair Kaunisto said she played a “key role in driving Valio’s growth, improving profitability, and advancing its strategy”.
Hurme has “helped turn Valio into a leading force in Finnish food exports and to expand beyond its core business to become a leading producer of plant-based products, enter the biogas business, and expand into the wholesale sector”, Kaunisto said.
Founded in 1905, Valio is owned by 3,000 Finnish dairy farmers.
Its brands include the lactose-free Valio Eila range, the protein-focused Valio Profeel line and plant-based alternative-dairy products sold under the Oddlygood brand.
The company posted sales in 2024 of €2.4bn ($2.76bn), according to the statement. It exports to around 60 countries and employs about 4,200 people.
In May, Valio announced plans to phase out production at its Oulu plant and switch manufacturing to sites in Riihimäki, Jyväskylä and Joensuu.
“The general cost level has increased, and production volumes at the Oulu plant have declined. With the planned concentration of production, we aim to improve production efficiency, profitability and competitiveness in accordance with Valio's strategy,” the company said at the time.
The review covers 264 employees, with up to 140 jobs potentially affected.
In 2025, Valio also announced plans to close the fava-beans factory it bought from Raisio and shift production to another plant in Joensuu.
