Neste CEO Matti Lehmus has announced his decision to leave the company after serving since May 2022. The board and Lehmus have mutually agreed on this decision, and he will continue as CEO until a successor is appointed.
During his tenure, Neste’s share price has almost halved, leading to his departure. Lehmus has had an impressive career at Neste, joining the company in 1998 and holding various key management positions in both the oil product business and renewable products.
The board has started the process of selecting a new CEO to replace Lehmus. After the resignation of Peter Vanacker in December, an international recruitment process for a new CEO was promptly initiated. The board carefully evaluated several candidates before ultimately selecting an internal successor well-suited to lead Neste’s future growth.
Following the release of Neste’s first-quarter results, where comparable EBITDA fell short of analysts’ expectations, the company’s share price experienced a significant decline. Lehmus attributed this decline to increased competition and a slowdown in the European market due to seasonal changes. Despite this setback, the board is confident that Neste will bounce back under new leadership.
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