Akelius set to take control of Castellum's board

Swedish property group Castellum will hold an extraordinary general meeting on July 18 for shareholders to vote on a significant board overhaul pushed by its largest investor, Akelius Apartments.

The company's nomination committee has formally proposed Akelius CEO Ralf Spann to be the new chairman of the board.

The proposal, if approved, would also see Marita Loft, Leif Norburg, Knut Rost, and Stefan Wallander elected as new directors.

Current board members Anna-Karin Celsing and Henrik Käll are expected to remain, bringing the total number of directors to seven, the company said.

The shake-up was initiated after Akelius demanded the EGM, leading to the departure of former Chair Louise Richnau and three other directors.

Richnau had cited a lack of confidence from Akelius regarding the board's management of the CEO recruitment process, which has since been paused.

In an updated notice, Castellum said it would allow shareholders to exercise their voting rights by post.

The nomination committee also proposed that remuneration for the board members remain unchanged.