Helsinki-listed real estate company Citycon has announced that the head of its Finnish operations and vice president Michael Schönach is leaving the company with immediate effect due to a clash over strategy.
Helsinki-listed real estate company Citycon has announced that the head of its Finnish operations and vice president Michael Schönach is leaving the company with immediate effect due to a clash over strategy.
Citycon's CEO Marcel Kokkeel said in a statement: 'Citycon is ending Michael Schönach's agreement with the company. The reason behind this difficult decision is differences in business views and implementation. I have a high level of respect for Michael and would like to thank him and wish him all the best in the future. Immediate actions have been taken to find his successor outside the company.'
The company owns 36 shopping centres and 41 other retail properties in Finland, Sweden and the Baltic countries. The majority (23) of the shopping centres are in Finland. The fair value of Citycon's entire portfolio totalled EUR 2.5 bn at end-March this year.
