Helsinki, Finland — Kirsti Paakanen, the chief executive and major shareholder of Marimekko, the Finnish apparel and home furnishings lifestyle manufacturer and marketer, will leave the company in February.

Paakanen, who headed the company for 16 years, will be succeeded by Mika Ihamuotila, 43, who also will become a principal shareholder with a 20% stake. He has an extensive career in the banking field.

Calling Marimekko a “pearl,” Ihamuotila said, “It is my aim to start building Marimekko into a cult brand within clothing, interior decoration, and lifestyle, as well as a company that has an international distribution network, a passionate staff and a market value multi-fold from today.”

In a statement, Paakanen noted that she would assist her successor after he took charge, at his request.

Marimekko, an iconic design force in postwar contemporary textiles, has had a long relationship to the home furnishings business in the United States, via decorative fabrics and a bedding license with Revman that is sold through Crate & Barrel and CB2.