Changes in Corporate Management Committee and further cost reductions at Citycon

Stock exchange releases - 18 December 2012


 On 12 December 2012 Citycon Oyj announced its plans to reorganize its business operations. Following such announcement collaboration negotiations have commenced in the Finnish business operations. In addition, the company is also streamlining its decision-making process in the Corporate Management Committee and implementing other cost cutting measures.

 

 Harri Holmström, Senior Vice President, Group Leasing and Baltic Countries and New Businesses, has been appointed as Chief Operating Officer (COO) of Citycon. In his new role he will report to the CEO Marcel Kokkeel. Holmström will be responsible for managing and streamlining the company’s investment portfolio and driving the net operating income and asset value growth. Holmström has an eight year career with Citycon.

 

 Following Holmström’s appointment, Mati Pops, Commercial Director, Baltic Operations, will continue to oversee Citycon’s Baltic and Danish operations. Marko Juhokas Senior Vice President, Finnish Operations will continue in his position but no longer continue as a member of the Corporate Management Committee following the restructuring of the Committee.

 

 Members of Citycon Corporate Management Committee after 19 December 2012 will be:

 

 - Chief Executive Officer Marcel Kokkeel

 - Executive Vice President and Chief Financial Officer Eero Sihvonen

 - General Counsel Anu Tuomola

 - Chief Operating Officer Harri Holmström

 - Chief Investment Officer Nils Styf

 

 “The introduction of a Chief Operating Officer and the change of the assembly of the Corporate Management Committee is part of our plan to improve the customer-centric operating model, build one Citycon and increase efficiency, gain synergies and further reduce the company’s cost base by other means. The cost savings target relating to administrative expenses for 2013 is up to 5 million EUR compared to 2012 level“ says Marcel Kokkeel, CEO of Citycon Oyj.


 

 Helsinki, 18 December 2012

 

 CITYCON OYJ

 Board of Directors


 

 For further information, please contact:

 Marcel Kokkeel, CEO

 Tel. +358 20 766 4521 or +358 40 154 6760


 marcel.kokkeel@citycon.fi

 

 Eero Sihvonen, Executive Vice President and CFO


 Tel. +358 20 766 4459 or +358 50 557 9137

 eero.sihvonen@citycon.fi

 

 Distribution:

 NASDAQ OMX Helsinki

 Major media

 www.citycon.com


 

 

  

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