Swedish property group Castellum AB on Tuesday named Pål Ahlsén, the former chief executive of its largest shareholder Akelius Residential Property, as its new CEO, effective Aug. 28.
The appointment solidifies Akelius's influence over the company following a recent board overhaul driven by the investor, which resulted in Akelius CEO Ralf Spann becoming Castellum's chairman in July.
Mr. Ahlsén succeeds Joacim Sjöberg, who has led the company through what the chairman described as a challenging period.
The priority for the new leadership is to define a new strategy with a strong focus on profitability and value creation, the company said.
"Together with the Board, we will define a new strategy with a clear focus on increasing Castellum’s profitability,” Mr. Ahlsén said in a statement.
Castellum is one of the Nordic region’s largest commercial property companies, with a property value of approximately 159 billion Swedish Kronor as of June 30, according to the company.
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