Jalakas said: “Joining the region’s leading provider of maritime transport, as well as retail and entertainment services, is both a great honour and a significant responsibility.”

Estonia’s Tallink, Grupp, the largest cruise ferry operator on the Baltic, is undergoing a leadership transition with SEB Eesti’s current head of corporate banking joining as CEO following the departure of incumbent, Paavo Nõgene, on 22 May after a handover. The news comes as the company’s retail sales slipped to €366.4m last year, down -2.6%.

From 6 April, Peep Jalakas will become CEO and Chairman of the group’s management board, a term lasting for three years. Margus Schults left the board on Friday, but continues as the head of the Finnish unit.

Enn Pant, Chairman of the supervisory board, commented: “The decision to appoint Peep Jalakas confirms our clear ambition to continue the company’s strategic growth, strengthen our competitiveness in a changing economic environment, and create long-term value for shareholders. Since Peep Jalakas’s expertise is strongly rooted in the financial sector, the current board member responsible for this area, Margus Schults, will return to Finland and continue as the CEO of Tallink Silja OY.”

Jalakas said: “Joining the region’s leading provider of maritime transport, as well as retail and entertainment services, is both a great honour and a significant responsibility.”

Tallink’s current CEO, Paavo Nõgene, announced his resignation last week, but stays on until May. He led the group for eight years, guiding it through the pandemic, the Russia-Ukraine war, and an economic downturn in the company’s operating countries. Pant described him as “an exceptional leader during extremely challenging years”.

Retail at Tallink in need of a lift

One area of the business that Jalakas will look at closely is commercial income, which last year accounted for just under half of Tallink’s €765.3m total income, making it the most important revenue stream.

Tallink’s Q4 and FY25 revenue by segment vs 2024.

This share, while large, is a big change because in Q4 2019—before the pandemic—the segment had a 59% share. The commercial component consists of restaurant and shop sales both onboard and onshore, and comes from multiple routes where duty- and/or tax-free shopping is available. The biggest of these routes is Estonia-Finland with a 41.5% market share, and Finland-Sweden with 29%.

The revenue fall in 2025 looks to be part of a continuing trend. The -2.6% restaurant and retail fall to €366.4m was steeper than the decline in traffic of -0.9% to 5.53m passengers. A year earlier in 2024, restaurant and retail sales slipped even more at -3.9%, from €391m in 2023.

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