Poranen started his new CEO position on 20 March 2025, and is now responsible for looking after all operations within the Spinnova Group and spearheading the management team while continuing as chair of the board.
Outgoing CEO Tuomas Oijala, will continue to serve in an advisory capacity to ensure a smooth transition before his scheduled departure on 12 September 2025.
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Poranen said: “I’m very motivated to lead Spinnova, and to build its future in this new situation. Suzano’s decision not to invest into the next steps of collaboration with Spinnova was disappointing, but it also opens new opportunities. We are aware of the challenges ahead, but the letters of intent signed last year showed that there is global demand and need for our solution.
“We have the technological expertise of how to make the Spinnova fibre. The organisation is now concentrating on making the fibre production cost-effective for industrial scaling. We will continue this work with great focus.”
This is the second time Poranen took the helm after serving in the same role from 2014 to 2022. He has served as chair of the board since 2022 and co-founded Spinnova with Juha Salmela in 2015.
Spinnova stated that in the wake of its present developmental phase, and “special circumstances”, it is diverging from the Corporate Governance Code 2025’s recommendation number 21, which advocates for a split in roles of CEO and board chair.
Based in Finland, Spinnova has developed a patented technology for making textile fibre out of wood pulp or waste, such as leather, textile or agricultural cropping waste, without harmful chemicals or dissolving.
Earlier this month (March), the company said its first commercial facility in central Finland started production and plans for a second plant are already under way.
In October last year (2024), Spinnova secured a Research and Development (R&D) loan from Business Finland, amounting to a maximum of €12.7m ($13.7m). The money is being used to help Spinnova advance the production of sustainable fibre and bolster technology efficiency.
