Swedish property group Castellum AB's new chairman, Ralf Spann, said the company will promptly resume its search for a new chief executive following a significant board overhaul driven by its largest shareholder, Akelius Apartments.
Spann, the CEO of Akelius, was elected chair at an extraordinary general meeting on Friday, a move that followed the resignation of the previous chair and three other directors amid pressure from the investor.
The former leadership had paused the CEO search after citing a lack of confidence from Akelius over its handling of the succession process for current chief Joacim Sjöberg, who announced in April his plan to step down.
"Castellum is currently facing several challenges, including reduced income, increased vacancies, lower profitability, and the need for new leadership," Spann said in a statement.
"The Board intends to promptly resume the recruitment process for a new CEO."
Shareholders also elected Marita Loft, Leif Norburg, Knut Rost, and Stefan Wallander as new directors to the seven-member board.
Spann said the new board will work with a future CEO to "define a clear and effective strategy to restore Castellum’s profitability."
More from this issuer
Related coverage
Swedish property company Castellum AB on Wednesday announced a significant restructuring that will reduce its executive team and cut about 60 jobs at its head office.
Swedish property group Castellum's new Chief Executive Pål Ahlsén is implementing a "back to basics" strategy to combat a challenging market, as the company reported a drop in nine-month earnings.
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.
Swedish property company Castellum AB on Tuesday reported a net profit for the first half of the year, reversing a loss from a year ago, as it navigates a significant board overhaul initiated by its largest shareholder.