Veikkaus appoints Ilkka Kosola as new CFO

Veikkaus has appointed Ilkka Kosola as its new Chief Financial Officer (CFO), who will be tasked with overseeing the regulatory transformation of Finland’s gambling market.

Kosola will take up the role at the end of September 2026, joining the executive management to transform Veikkaus ahead of Finland’s transition to a multi-licence online gambling regime, which is expected to be initiated at the start of next year.

The regulatory reform, which first began in 2024, will see the Finnish government dismantle elements of the monopoly privileges granted to Veikkaus, with the operator no longer serving as the exclusive operator of online gambling in Finland.

His appointment is directly linked to Veikkaus’ 2030 strategy, which sets out ambitions to transform the group into a more agile, commercially competitive and internationally credible operator. 

Central to this strategy will be tighter financial control, improved capital efficiency and the ability to execute structural change – areas where Kosola is expected to take a leading role.

CEO Olli Sarekoski emphasised the importance of the hire. He said:  “Ilkka’s broad and international experience in leading finance and IT functions, combined with his proven ability to drive change and execute strategic transactions, makes him an excellent fit for Veikkaus as we navigate this period of significant transformation.

“We are confident that his expertise will be a great asset to our company and our executive management team as we work towards our strategic goals for 2030.”

Kosola joins from Reaktor, where he served as Group CFO, and has previously held senior roles at Adven Group, TietoEVRY, Basware and Fortum. His experience includes leading financial turnarounds, building digitally enabled finance functions and integrating advanced technologies such as AI into financial operations.

Speaking on his appointment, Kosola said: “I am thrilled to be joining the Veikkaus team and to have the opportunity to contribute to the next chapter of this iconic Finnish company.

“Veikkaus is at a pivotal point in its history, and I am eager to apply my experience to support the company’s transformation and the execution of its new strategy in the opening license market.”

The CFO appointment comes alongside broader governance changes at Veikkaus, signalling a coordinated reset of the operator’s leadership ahead of regulatory reform.

At its March 2026 AGM, the company renewed its Board of Directors, maintaining Kaisa Olkkonen as Chair while introducing new members to strengthen international business and transformation expertise.

Olkkonen commented on the board refresh: “Our preparations for the new licensing system and the opening of competition in the Finnish market are well under way, and at the same time we are pursuing our goal of becoming a respected and successful international money gaming group by 2030.

“The Board is strengthened with extensive experience from companies operating in international markets as well as demanding transformation situations, which strongly supports Veikkaus’ ongoing transformation.”

Together, the executive and board-level changes underline Veikkaus’ intent to align its governance, strategy and financial strategy – positioning the operator as a leading brand ahead of the incoming regulatory changes.

As Finland edges closer towards a multi-licence system, the operator faces the dual challenge of preserving its public mandate while proving it can compete under commercial pressures.