Fiskars announced yesterday evening that the CEO, Nathalie Ahlström will step down with imminent effect and that the Vice Chair of the Board, Jyri Luomakoski will take interim CEO role. The company will initiate the search for a new CEO. Mr. Luomakoski will remain as a member of the Board, while step down from the position of Vice Chair of the Board and Chair of the Audit Committee. Mr. Luomakoski has a long background from listed companies, latest as the CEO of Uponor between 2008-21. We note tough market conditions that have burdened Fiskars’ profitability during past years while the company has gone through a significant organisational transformation into two independent separate business areas following the acquisition of Georg Jensen. As both business areas, Fiskars BA and Vita BA, have their own CEO’s, we do not expect any large operational disturbances from the change of CEO. However, we note the company is guiding for improving comparable EBIT in 2025 while we and Modular Finance consensus expect 8% y/y improvement with elevated guidance risks for the reminder of the year.
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