In view of the recent turbulence, the Finnish textile technology company Spinnova PLC has appointed an old acquaintance as the new CEO. Founder Janne Poranen will now run the operational business again, explained the company specializing in sustainable fiber production on Thursday. Due to the current “special circumstances”, Poranen also retains its previous item as a chairman, according to a message.
With the decision, Spinnova reacted to the cancellation announcement of the previous CEO Tuomas Oijala. Last week, however, it was still said that he would continue to run the company until mid -September due to its applicable notice period. Oijala stays in the company until further notice and will now support his successor in strategic questions, said Spinnova.
Spinnova is in a difficult location
Founders Poranen had already stood as a CEO at the head of the company from 2014 to 2022 and then withdrawn to the post of chairman. He now returns to his old post in a difficult phase. The high -deficit company, which had fundamentally changed its business model last year, had to announce a few days ago that the Brazilian textile producer Suzano would end the financing of the joint venture Woodspin.
Despite the difficult situation, Poranen was combative. “I am highly motivated to lead Spinnova and to shape the future of the company in this new situation,” he emphasized in a statement. “Suzano’s decision not to invest in the next steps in cooperation with Spinnova was disappointing, but also opens up new possibilities. We are aware of the challenges ahead of us, but the declarations of intent signed last year have shown that there are global needs and a demand for our procedure.”