Real estate investment company Citycon says it will suspend dividends next year to strengthen its balance sheet. The dividend decided on November 6, 2024 will be paid as planned on December 31, 2024.
According to Citycon, the decision has been made to improve the company’s long-term financial stability and to strengthen the balance sheet and creditworthiness.
“Today’s decisions underline the determination and strong focus of Citycon’s board on improving profitability and strengthening the company’s financial position”, Citycon’s interim CEO and vice-chairman of the board F. Scott Ball says.
Citycon says that the board has appointed a new CEO Oleg Zaslavskynwho will start in the position from April 2025 at the latest.
The previous CEO Henrica Ginstromin was reported to be stepping down from his position after only five months in October.
Zaslavsky, who was appointed CEO, reportedly has more than 20 years of experience in real estate, finance and business management.
Currently, Zaslavsky works for a German real estate company ATCP Managementin as CEO and CFO. ATCP Management is part of Frankfurt-listed Aroundtown Groupia.
In the past, Zaslavsky has served as financial director in Robyg and Robyg Constructionissa in the years 2011–2021.
At the same time, Citycon informs that its CFO and member of the management team Sakari Järvelä leaves his position at the end of the year to continue his career outside the company.
Järvelä has been appointed as CFO Eero Sihvonenwho will start his duties immediately. Sihvonen previously served as the company’s CFO in 2005–2021.
Also the manager responsible for Citycon’s rental business Jussi Vyyryläinen leave the company. Vyyryläinen will continue in his position until the end of the year, after which he will act as the company’s advisor until the middle of May next year.
Source: www.arvopaperi.fi
