Altia has released its CEO

Altia has released its CEO

The CEO of Altia Corportation has been released with immediate effect after the Finnish group fell behind its financial targets.

Antti Pankakoski, who has led Altia since 2007, left his post today (21 November), the company announced. Chairman Matti Tikkakoski said Altia “needs new leadership to meet the set goals in challenging market”.

Tikkakoski added: “Altia has recently clearly fallen behind its financial targets and lost market share. Performance has decreased during the past two years.”

The company has launched a search for a new CEO, with senior VP Hannu Tuominen taking over in an acting role.

In an interview with just-drinks last month, Pankakoski said he was “extremely happy” with new acquisition Larson Cognac and that expansion of the Cognac house was “something we are preparing ourselves for”.