Carl Haglund will not take up the role of Chief Executive Officer at Aktia Bank, with the board announcing on Monday that he no longer meets the conditions required for the position. The surprise move ends Haglund’s tenure before it began, just months after his appointment was confirmed.
The decision leaves interim CEO Anssi Huhta in place for the foreseeable future. Haglund, a former Finnish defense minister and business executive, had been set to assume leadership in September following an onboarding process to meet regulatory requirements.
Finland’s Financial Supervisory Authority (Fiva) confirmed it had not objected to Haglund’s appointment and had yet to finalize its own assessment of his eligibility. “We had not yet formed an opinion on the matter. This was the bank’s own decision,” said Berndt Hertsberg, a Fiva department head, in comments to Helsingin Sanomat.
The reversal comes against the backdrop of major changes in Aktia’s ownership structure. In late August, industrialist Erkki Etola, already the bank’s largest shareholder, increased his stake to nearly 20 percent, while another significant shareholder, RG Partners, exited entirely. Analysts believe these developments may have influenced the board’s decision.
“If you look at what’s happened at the company since Haglund’s appointment, there’s been a major transaction in which Etola strengthened his ownership, and RG Partners exited,” said Kasper Mellas, an analyst at Inderes.
The episode marks a sharp turn from June, when Aktia’s board chair Matts Rosenberg described Haglund as “a visionary and versatile leader” capable of driving the bank’s updated strategy.
Haglund’s credentials span both politics and business. He served as Finland’s Minister of Defence from 2012 to 2015, was a Member of the European Parliament from 2009 to 2012, and led the Swedish People’s Party between 2012 and 2016. In the private sector, he worked with Accenture and headed Nordic operations for Sunshine Kaidi New Energy Group. He later became CEO of pension insurer Veritas after completing a nine-month training programme required by Fiva.
The unexpected leadership change adds further uncertainty to Aktia, which has already seen instability at the top. Haglund’s predecessor, Aleksi Lehtonen, stepped down after just a year in office.
The bank’s shares dropped nearly 2 percent at the opening of trading on Monday following the announcement, though losses later eased to around 1.5 percent by midday.
Aktia has not provided a timeline or potential candidates for the CEO position, but Fiva reiterated that whoever is appointed must meet its “fit-and-proper” criteria on qualifications, experience, and integrity.
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