2023-12-01 17:35:00 CET

2023-12-01 17:35:02 CET


Citycon Oyj - Changes board/management/auditors

Citycon announces Chief Financial Officer transition

CITYCON OYJ   Stock exchange release  1 December 2023 at 18.35 hrs

Citycon has announced an orderly transition of its Chief Financial Officer
position to take place in early 2024. Bret D. McLeod, current Chief Financial
Officer of Citycon, has announced his intention to resign from his position
effective January 31, 2024, to pursue another opportunity back in his native
United States.
At the same time, the Board of Directors of Citycon has unanimously appointed
Sakari Järvelä, current VP, Corporate Finance and Investor Relations, to the
position of CFO-elect, beginning immediately.  Mr. Järvelä will assume the CFO
role and will become a member of Citycon's Corporate Management Committee on
February 1, 2024 and continue to work side-by-side with Mr. McLeod until that
date. Prior to joining Citycon in 2022, Mr. Järvelä spent the majority of his
career in various European investment banking roles, the most recent at SEB as
the Head of Investment Banking in Germany and holds an MSc Economics from
University College London.  He resides in Helsinki metropolitan area with his
wife and son.
"It is with mixed emotions that I leave Citycon.  These past three years have
been an incredible experience for myself, and my family, and I am excited for
what lies ahead for us as we move back to the U.S.," says Bret McLeod, Chief
Financial Officer of Citycon. "At the same time, I am very proud of the numerous
achievements and transactions we have completed and sad to leave wonderful
colleagues and friends. The great news is that I could not leave the position in
better hands than that of my successor, Sakari Järvelä.  Sakari has worked
closely with me during my tenure and has been involved in every financial and
strategic aspect of the company, while representing the company as a trusted
voice to the investment community.  I wish him, and Citycon, nothing but great
success and am happy to assist anyway I can during this transition."
"While we are sad to see Bret leave, we want to thank him for his many
contributions to Citycon and are appreciative to him for ensuring a smooth
transition.  He has been a great partner to me and the Board and we wish him,
and his family, well as he pursues a great opportunity back home in the U.S,"
says F. Scott Ball, Chief Executive Officer of Citycon. "That said, I am
thrilled to welcome Sakari to the leadership team at Citycon and congratulate
him on his future appointment as CFO.  Sakari is a dedicated and talented
executive whom I have had the pleasure of working with on a variety of
complicated transactions during his time at Citycon.  I have also witnessed the
respect he garners from our employees, banking partners, investors, and rating
agencies and know that his elevation to CFO will be seamless."
"I am humbled and honoured by the Board's decision to nominate me as CFO-elect
and to serve as the next Chief Financial Officer of Citycon," says Sakari
Järvelä, CFO-elect of Citycon.  "It has been a pleasure to work with Bret and I
am grateful for his mentorship and friendship and his assistance in making this
transition an efficient one.  I am excited to join a leadership team I have
great respect for and to continue to execute on Citycon's commitment to
maintaining the highest financial standards and our investment grade rating. "
For further information, please contact:
Sakari Järvelä
Telephone +358 50 387 8180
Citycon is a leading owner, manager and developer of mixed-use real estate
featuring modern, necessity-based retail with residential, office and municipal
service spaces that enhance the communities in which they operate. Citycon is
committed to sustainable property management in the Nordic region with assets
that total approximately EUR 4.2 billion. Our centres are located in urban hubs
in the heart of vibrant communities with direct connections to public transport
and anchored by grocery, healthcare and other services that cater to the
everyday needs of customers.
Citycon has investment-grade credit rating from Standard & Poor's (BBB-).
Citycon's shares are listed on Nasdaq Helsinki Ltd.