Tietoevry on Monday appointed Endre Rangnes as its permanent chief executive, raising questions about the future of a planned spinoff of its banking division, which Mr. Rangnes previously led.
Mr. Rangnes has served as interim CEO since May 2025 and was appointed Managing Director of Tietoevry Banking in September 2024, the company said.
The Finnish IT services firm announced in 2022 that it was conducting a strategic review of the banking business with the goal of separating it into an independent, publicly listed company.
The promotion of the banking unit's head to lead the entire group comes as the spinoff, originally anticipated for the latter half of 2023, has yet to materialize.
Tietoevry’s Board of Directors said it assessed options for the permanent CEO and concluded that Mr. Rangnes was the right choice to lead the company through its next phase.
"We have recently witnessed Endre’s market acumen, strategic leadership and execution capabilities during his time as Managing Director of Tietoevry Banking," Chairperson Tomas Franzén said in a statement.
The company, which has an annual revenue of approximately 2 billion euros from its continuing businesses, did not provide an update on the status of the banking unit's strategic review in its announcement.
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