CITYCON OYJ   Stock Exchange Release   2 November 2018 at 14:05 hrs

The Board of Directors of Citycon Oyj has appointed F. Scott Ball as Citycon’s new CEO. Ball (American citizen) will join Citycon on November 15, 2018 and assume full responsibility as CEO on January 1, 2019.

With more than three decades of extensive experience in the retail real estate business, Ball is a veteran in the shopping centre industry and has held a range of leadership positions. Prior to joining Citycon, he was Founder and President of a private real estate investment and retail advisory firm. Previously, he served as President/COO at Starwood Retail Partners prior to which he held several leadership positions, including at Oxford Properties in Canada, and at The Mills Corporation and at The Rouse Company in the U.S. He holds a bachelor’s degree in Business Administration from LaSalle University in Louisiana and is a long-time active member of the International Council of Shopping Centers (ICSC) and Urban Land Institute (ULI).

Ball is replacing Citycon’s current CEO Marcel Kokkeel, who has served in his position since 2011 and is stepping down based on mutual agreement on January 1, 2019 and will stay as an advisor to the company until May 1, 2019.

Chaim Katzman, Chairman of the Board of Directors, Citycon, says: “We would like to welcome Scott Ball to Citycon. He brings with him broad retail real estate expertise and a strong track record of proactive management, and we believe he is the right person to lead the company in the fast-changing retail market environment. We remain committed to the company’s strategy of focusing on high-quality assets in strong, growing urban markets in the major Nordic cities. I am confident that together with the talented employees of Citycon, Scott will be able to create value and take the company to the next level for the benefit of all stakeholders.”

“At the same time, we would like to thank Marcel Kokkeel for his valuable contribution to Citycon for almost eight years. Marcel has been a great leader in the transition from a EUR 2.5 billion asset company based in Finland into an almost EUR 5 billion pan-Nordic company. We are also pleased that Marcel has developed a cadre of talented new leaders at Citycon,” says Katzman.

F. Scott Ball, incoming CEO, Citycon, says: “I am excited to join Citycon, the leading retail real estate company in the Nordics. I am very much looking forward to building the company’s future together with the strong team at Citycon and am dedicated to creating value for all of the company’s stakeholders.”

Marcel Kokkeel, outgoing CEO, Citycon, says: “During my tenure as CEO, we have built Citycon into a company with a strong focus on high-quality properties in the region’s fastest-growing urban hubs. I feel privileged and sincerely grateful to have worked with such a team of energetic and passionate professionals. I’m sure that Citycon is well-positioned to further build on what has been achieved during the past eight years.”

In another executive change, Henrica Ginström has been appointed Citycon’s new Chief Operating Officer as of January 1, 2019. Ginström (Finnish citizen) has been with Citycon for almost eight years since 2011 and is currently serving as Commercial Director in Norway, prior to which she served as the company’s Vice President, Investor Relations and Communications. She holds a master’s degree in Technology from Aalto University School of Science and Technology in Helsinki and a second master’s degree in Economics from the Hanken School of Economics, also in Helsinki.

Citycon’s current COO, Jurn Hoeksema, will step down based on a mutual agreement, effective January 1, 2019. The company would like to thank Jurn Hoeksema for his great work in improving the company’s operations during the past four years.

As of January 1, 2019, Citycon’s Corporate Management Committee will consist of the following:

F. Scott Ball, Chief Executive Officer
Eero Sihvonen, Chief Financial Officer and Executive Vice President
Henrica Ginström, Chief Operating Officer
Tom Lisiecki, Chief Development Officer
Anu Tuomola, General Counsel

Professional biographies of F. Scott Ball and Henrica Ginström are available on Citycon’s website: 

Helsinki / Espoo, 2 November 2018


Board of Directors

Further information:
Eero Sihvonen
CFO and Executive Vice President
Tel. +358 50 557 91 37

Mikko Pohjala
IR and Communications Director
Tel. +358 40 838 0709

Citycon is a leading owner, manager and developer of urban, grocery-anchored shopping centres in the Nordic region, managing assets that total approximately EUR 4.5 billion. Citycon is a leading pan-Nordic shopping centre owner focused on the major cities in Finland, Norway, Sweden, Estonia, and Denmark.

Citycon has investment-grade credit ratings from Moody's (Baa2) and Standard & Poor's (BBB). Citycon Oyj’s share is listed in Nasdaq Helsinki.