The Board of Directors of Citycon Oyj has unanimously resolved to appoint Oleg Zaslavsky as Citycon’s new CEO commencing no later than April 2025. Zaslavsky will be based in Helsinki, Finland. F. Scott Ball will continue as the interim CEO until Oleg assumes his role.

Oleg Zaslavsky is a results-driven executive with over 20 years of expertise in real estate, finance, and business administration. Currently, he serves as a Managing Director and CFO at the Germany-based real estate company ATCP Management GmbH (part of Aroundtown Group, listed on the Frankfurt Stock Exchange, ticker: AT1). Earlier in his career, between 2011–2021, he was Chief Financial Officer at Robyg S.A. and Robyg Construction.

“I would like to welcome Oleg Zaslavsky to Citycon. Oleg brings broad real estate and financial expertise, and we believe he is the right person to lead the company going forward. The Board remains 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, Oleg will be able to create value and take the company to the next level for the benefit of all stakeholders,” says Chaim Katzman, Chairman of the Board of Directors, Citycon.

“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 and am dedicated to creating value for all of the company’s stakeholders,” says Oleg Zaslavsky, incoming CEO, Citycon.

The company’s Board of Directors has unanimously resolved to appoint member of the company’s Board of Directors Eero Sihvonen as Citycon’s Chief Financial Officer and member of the Corporate Management Committee with immediate effect. Mr. Sihvonen has previously served as Citycon’s CFO during the years 2005–2021. Sakari Järvelä, Citycon’s Chief Financial Officer and member of the Corporate Management Committee will depart the company on December 31, 2024 to pursue new opportunities.

“I am honored to return to Citycon and step back into the CFO role during this exciting time," says Eero Sihvonen. "Citycon stays committed to maintaining its investment credit rating, strengthening its balance sheet as well as improving its operational performance e.g. through the planned decentralization of its day-to-day decision making to the country level. With my experience and deep understanding of Citycon's financial landscape, I look forward to executing these strategic objectives and ensuring the company’s continued financial health and stability.”

“It has been a privilege to contribute to the company’s achievements and work alongside dedicated colleagues. By focusing on strategic asset management and prudent financial decisions, we have strengthened our position to deliver value for our stakeholders,” says Sakari Järvelä.

Additionally, Jussi Vyyryläinen, Citycon’s Senior Vice President, Leasing, and member of the Corporate Management Committee will depart the company on May 15, 2025 to pursue new opportunities. Mr Vyyryläinen will continue in his role until December 31, 2024 and thereafter, he will act as an advisor to Citycon until May 15, 2025.

“It has been an honor to contribute to the company’s vision over the years. Citycon’s consistent performance reflects our commitment to creating long-term value and our resilience despite a challenging economic landscape. I wish the company all the best moving forward with its strategic direction,” says Jussi Vyyryläinen.

“I am pleased to welcome Eero back as CFO. His extensive experience and deep understanding of Citycon’s financial structure will ensure a smooth transition and continuity in our financial performance. I also extend my thanks to Sakari and Jussi for their years of dedication and valuable contributions to the company,” says F. Scott Ball, Interim CEO.

The Board of Directors of Citycon Oyj has unanimously decided that it will not use its authorization and no dividend or equity repayment will be distributed until year end 2025 (other than the dividend declared on November 6, 2024 and will be paid by December 31, 2024). The decision has been made to further increase the long-term financial stability, and to strengthen the balance sheet and the credit profile of the company.

"Today’s decisions underline Citycon’s Board’s resolve and strong focus on accelerating profitability and strengthening the company’s financial position,” says F. Scott Ball.

“Our management’s priority is to enhance the operational performance, strengthen Citycon’s balance sheet and maintain our investment grade credit rating. We are in the process of implementing our planned country-level reorganisation with greater decision-making capabilities to the country teams. This will respond effectively to market needs and increase our portfolio productivity.”

“The suspension of the dividend underscores the focus on strengthening our balance sheet, further supporting the steps already taken, together with additional divestments some of which will likely take place shortly. With a strengthened balance sheet, we are well-positioned to maximize returns from our core assets and delivering long-term value for all of our stakeholders.”