Leadership Transition at Finnish Dairy Giant
Finnish dairy and food group Valio has announced a significant leadership transition, with long-serving CEO Annikka Hurme set to retire at the end of 2026. Hurme, who has been with the company since 1989 and has held the chief executive position since 2014, will be succeeded by Matti Lehmus, effective January 1, 2026.
The appointment marks a strategic shift for the organization. While Hurme has overseen a period of significant diversification—including the company’s expansion into plant-based products, the biogas sector, and international export markets—Lehmus brings a background from outside the food industry. He most recently served as the president and CEO of the Finnish energy company Neste, a position he held from May 2022 until October 2024.
Strategic Outlook and Corporate Goals
Vesa Kaunisto, chair of Valio’s board of directors, noted that the company’s current strategy focuses on international growth, the strengthening of core brands, and the development of new capabilities within a volatile global economic landscape. Regarding the transition, Kaunisto stated, “Valio’s board of directors is convinced that Matti’s strategic expertise and strong leadership will support the achievement of our goals.”
Lehmus, who also serves as a non-executive director on the board of Kemira, expressed his intent to leverage Valio’s existing strengths. “It is a great opportunity to lead Valio, which has a unique role in the Finnish food industry,” Lehmus said. “Valio has a strong foundation: skilled employees, respected brands and the ability to develop new products.”
Operational Context
Valio, which is owned by approximately 3,000 Finnish dairy farmers, reported sales of €2.4 billion ($2.76 billion) in 2024. The company currently employs 4,200 people and maintains an export footprint reaching roughly 60 countries. Its diverse portfolio ranges from the Eila lactose-free line to the Oddlygood plant-based brand.
The management change comes as the company navigates a period of operational restructuring. In May, Valio announced plans to consolidate production by phasing out operations at its Oulu plant, shifting manufacturing to sites in Riihimäki, Jyväskylä, and Joensuu. The company cited rising costs and declining production volumes at the Oulu facility as primary drivers for the move, which affects approximately 264 employees. Furthermore, the company indicated in early 2025 that it would close a fava-bean processing facility acquired from Raisio to concentrate production in Joensuu.
These adjustments are part of a broader effort to improve profitability and competitiveness, themes that have defined the latter years of Hurme’s tenure. Hurme is credited with steering Valio through significant market shifts, including the expansion into the wholesale sector and the acceleration of the company’s export capabilities.
