Neste’s Chairman of the Board, Matti Kähkönen, announced that Matti Lehmus will remain as CEO until a successor is appointed. Despite Lehmus’ leadership, Neste’s share price has dropped significantly. The decline in comparable EBITDA was attributed to increased competition and a slowdown in the European market. This led to a 13% decline at the end of the results day. The company’s stock has fallen by 34% this year, halving its value in just one year.
Lehmus has been with Neste since 1998 and held various key management positions during his tenure. He took on the role of CEO from the position of Renewables Platform Business Director after an international recruitment process in March 2022. However, under his leadership, Neste’s share price has dropped significantly. The board and Lehmus have mutually agreed on this decision and he will continue as CEO until the new successor is appointed. The board has already initiated the process of finding a new CEO to replace him.
According to recent reports, Neste recently reported its first-quarter results which fell short of analysts’ expectations due to weaker market conditions for renewable products. This led to a significant drop in Neste’s share price, causing a 13% decline at the end of results day. The company’s stock has fallen by 34% this year, halving its value in just one year.
Overall, despite his contributions to Neste over the years, it remains uncertain what impact Matti Lehmus will have on the company’s future as CEO before stepping down from his role permanently.
In conclusion, Matti Lehmus will remain as CEO of Neste until a successor is appointed after falling share prices under his leadership due to weaker market conditions for renewable products leading to a significant drop in EBITDA comparable and a decline in stock prices by 13%.