SPINNOVA PLC, INSIDE INFORMATION, COMPANY RELEASE 20 MARCH 2025 AT 5 P.M. UCT+2
Inside Information: Spinnova's founder and Chair of the Board Janne Poranen to start as CEO. He will also continue as Chair of the Board
Spinnova's Board of Directors has today appointed Janne Poranen as CEO effective 20 March 2025. Mr. Poranen will be responsible for all Spinnova Group businesses and for leading the Management Team. He will also continue as Chair of the Board. Former CEO Tuomas Oijala continues supporting the new CEO with the strategy work, and will leave at the latest on 12 September 2025, as earlier communicated. Due to the current development stage and special circumstances of Spinnova, the company deviates from recommendation number 21 of the Corporate Governance Code 2025, which concerns the separation of the roles of the CEO and Chair of the Board.
Mr. Poranen has a PhD in Physics and is the co-founder of Spinnova. He was the CEO of Spinnova in 2014-2022 and has acted as the Chair of the Board since 2022.
"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," says Janne Poranen.
"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," Janne Poranen continues.
Janne Poranen's CV attached.
Spinnova Plc
For further information, please contact:
Janne Poranen
CEO, Chair of the Board
Tel. +358 20 703 2430
ir@spinnova.fi
Certified advisor:
Aktia Alexander Corporate Finance Oy
+358 50 520 4098
Distribution:
Nasdaq Helsinki
Key media
Spinnova - The textile material innovation
Spinnova technology transforms the way textiles are manufactured globally. Based in Finland, Spinnova has developed breakthrough 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.
Spinnova technology creates no side streams in the fibre production process, and the SPINNOVA® fibre has minimal CO2 emissions and water use, as well as being biodegradable and recyclable. Spinnova technology uses a mechanical process which gives the fibre the look and feel of a natural cellulosic fibre such as cotton.
Spinnova's shares (SPINN) are listed on the Nasdaq First North Growth Market Finland.
SPINNOVA® home: www.spinnova.com
Corporate & IR site: www.spinnovagroup.com
