Pekka Kuusniemi, the CEO of Finland-based food group Raisio, has announced he will be leaving the Elovena owner in June. This development comes after Raisio released its latest fiscal results for 2023, where it would abandon its 2022-2025 growth targets, affecting the food and beverage industry trends.Reflecting on his experience, Kuusniemi described his journey at the company as “very interesting and the times very challenging”. He added, “the current financial year is my seventeenth at the head of an international industrial company”.
Commenting on the announcement, Raisio chairman Arto Tiitinen said, “During his term as CEO, Pekka Kuusniemi has led the company through the pandemic period, the challenges caused by the Russian war of aggression, and restored profitability despite high inflation. He has built a solid foundation for the company based on purpose and values.” This highlights Raisio’s position in the food and drink business.
Raisio has already started its search for a new CEO to lead the company, marking significant changes in the food and beverage industry trends brought by Kuusniemi’s departure. Meanwhile, the company witnessed a loss of approximately 20% of its net sales in 2022 following its suspension of export activities to Russia due to the conflict in Ukraine.
In light of this, Kuusniemi’s exit raises questions on the company’s future direction amidst growing competition from private label products. The company cited the increasing competition from private label as a contributing factor to its flat growth. Such developments have implications for the food and drink business in terms of consumer trends and purchasing power.
In a statement accompanying the results, Kuusniemi described the likelihood of hitting the targets “through organic growth” as “unrealistic”. This suggests a shift in Raisio’s strategy, reflecting the evolving landscape of the food and beverage industry trends.
Transitioning into a new role, Kuusniemi’s steps next are anticipated, presenting opportunities for the food and beverage industry trends and Raisio’s future direction.
Raisio’s net sales plateaued year-on-year in 2023, signaling the need for a strategic approach to navigate the changing dynamics in the food and drink industry. This aligns with Kuusniemi’s departure and the company’s shift in growth targets, affecting the food and drink business.
In conclusion, Kuusniemi’s departure from Raisio marks a significant change in the food and beverage industry trends. There is much anticipation surrounding Raisio’s next steps and the appointment of a new CEO to lead the company.
