Citycon announces Chief Financial Officer transition

CITYCON OYJ  Stock exchange release  1 December 2023 at 18.35 hrs

HELSINKI, Dec. 1, 2023 /PRNewswire/ — 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
[email protected]

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.


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