Citycon Oyj has announced 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 March 23, 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 center 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 centers 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 center 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."