Spinnova founder returns to CEO role

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Adidas x Spinnova. Credits: Adidas.

In light of recent turmoil, the Finnish textile technology company Spinnova Plc has appointed a familiar face as its new CEO. Founder Janne Poranen will return to leading operations with immediate effect, the company, which specialises in sustainable fibre production processes, announced on Thursday. Due to the current "extraordinary circumstances," Poranen will also retain his current position as chairman, according to a statement.

Spinnova's decision came in response to the announcement of the resignation of its current CEO, Tuomas Oijala . Last week, however, it had been stated that he would continue to lead the company until mid-September due to his current notice period. Oijala will remain with the company until further notice and will now support his successor in strategic matters, Spinnova announced.

Founder Poranen had already led the company as CEO from 2014 to 2022, before stepping down to the position of chairman. He is now returning to his former position during a difficult period. The highly loss-making company, which fundamentally changed its business model last year, had to announce a few days ago that Brazilian textile producer Suzano would terminate its financing of the joint venture Woodspin .

Poranen remained combative despite the difficult situation. "I am highly motivated to lead Spinnova and shape the company's future in this new situation," he emphasised in a statement. "Suzano's decision not to invest in the next steps of the collaboration with Spinnova was disappointing, but it also opens up new opportunities. We are aware of the challenges ahead, but the letters of intent signed last year have demonstrated that there is a global need and demand for our process."

This article was translated to English using an AI tool.

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