Arctic Blue Beverages has appointed CFO Petri Hirvonen as its new CEO.

Hirvonen takes over from Valtteri Eroma, who stepped down yesterday (30 June), the Finland-based company said.

Announcing the change, Arctic Blue Beverages said the move is part of its “tightening scope and US market entry plans”.

Last week, the company signed a letter of intent to form a joint venture with US investors led by former NHL star Teemu Selänne to introduce the ready-to-drink Arctic Blue Long Drink brand in the US, starting in California.

Eroma joined Arctic Blue Beverages in 2020, three years after the company was founded.

In a LinkedIn post, he said he had decided to step down "after five intense, rewarding and unforgettable years as CEO".

Eroma said: "It’s been a true privilege to build something from the ground up: a Nordic spirits brand that grew from an idea into a listed company on Nasdaq First North, with a portfolio of truly unique, award-winning products and customers around the world."

He added: "I look forward to following Arctic Blue Beverages’ continued success with pride. I have also expressed my willingness to support the company in future projects, such as the planned US expansion, if needed.”

Antti Villanen, chairman of the board at Arctic Blue Beverages, said Eroma had led the company “during an important growth phase”.

Villanen added Hirvonen’s “deep understanding of the company’s financial and strategic landscape makes him well-equipped to lead Arctic Blue Beverages into its next chapter”.

Hirvonen joined Arctic Blue Beverages in 2022 from MM Board & Paper, where he spent nearly 12 years. He is also the deputy chair of the Kymen Seudun Osuuskauppa board, a regional cooperative in Finland.

Arctic Blue Beverages has also announced the departure of COO Kimmo Wager.

“Valtteri has laid an excellent foundation and I look forward to leading
the company into its next phase of growth. With these changes, we are adopting a leaner cost structure and sharpening our focus on commercialisation and international expansion,” Hirvonen said.

The US venture will be co-owned and governed by the investor group and Arctic Blue Beverages.

The investor group will contribute between $2m and $2.5m to support the brand's market entry and initial growth phase, with the definitive agreements for the venture expected to be finalised by the end of August.

Commercial operations are anticipated to start between the fourth quarter of this year and the first quarter of 2026.

The company's portfolio includes Arctic Blue Laku, Arctic Blue gin and Arctic Blue Oat, which is claimed to be the world's first dairy-free gin-based oat liqueur.