Citycon Oyj is announcing today that its Chief Executive Officer, Petri
Olkinuora, will leave his position. He will remain the company's CEO until the
Annual General Meeting on the 23 March 2011, when a successor will have been
appointed. The process for selecting a successor to Mr. Olkinuora is underway.
The decision to leave the CEO position is mutual between Mr. Olkinuora and the
Board of Directors of Citycon.
Chaim Katzman, Chairman of Citycon's Board of Directors says: "The Board is
extremely grateful to Petri for his outstanding leadership of Citycon over the
past eight years. Petri has been a firm leader and he leaves behind a much
larger and well focused company. Today, Citycon is the leading shopping centre
owner and operator in Finland and has a good position in Sweden and the Baltic
Countries to build upon. The portfolio is focused on shopping centres and it is
managed by skilled professionals. That is testament to the hard work and vision
of Petri and the whole Citycon team."
Petri Olkinuora, Chief Executive Officer of Citycon says: "I am incredibly proud
of the transformation that has taken place in Citycon during my time as CEO. The
company has more than tripled its size, is now a true shopping centre expert and
also a very skilled developer. I would not have been able to make these changes
without the support of our main shareholder and Citycon team. I would like to
thank them for their unwavering commitment. I will be handing over to my
successor a business that is well positioned and ready to grow even further."
Helsinki, 21 December 2010
CITYCON OYJ
Board of Directors
For further information, please contact:
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
[HUG#1474300]