Due to Citycon's successful implementation of its strategy and the resulting expansion Citycon has grown by over 50% within the past year. Citycon will reorganise its business operations to better meet the requirements set by the company's growth and geographical expansion. The Group has significant business operations in Finland and Sweden and emerging operations in two Baltic countries - Estonia and Lithuania. Citycon will adopt the following country organisations as of 1 November 2006: Finland, Sweden and the Baltic countries.
Ms Kaisa Vuorio, Head of Division, Shopping Centres, has been appointed Country Director, Finland, and Mr Ulf Attebrant Country Director, Sweden, leaving his duties as Vice President, Head of Real Estate Operations, in Atrium Fastigheter AB early 2007. Mr Harri Holmström, Citycon's current Chief Investment Officer, has been appointed Country Director, the Baltic countries. All country directors will also be members of the Corporate Management Committee, with Mr Petri Olkinuora, CEO, Mr Eero Sihvonen, CFO, and Ms Outi Raekivi, Head of Legal Affairs, continuing to act as other members. Mr Jyrki Karjalainen, Head of Division, Supermarkets and Shops, will assume a position of Property Development Director under the country organisation Finland.
This reorganisation will also affect Citycon Group's financial reporting. The Group will adopt segment reporting based on the country organisation as of the annual financial statements for 2006.
Source: Citycon Oyj