Matti Lehmus, the CEO of liquid fuel company Neste, is set to leave his position after serving since May 2022. The company announced in a press release that Lehmus and the board have mutually agreed on this decision. However, he will continue as CEO until his successor is appointed.
During Lehmus’ tenure as CEO, Neste’s share price has almost halved, leading to his departure. Lehmus has had a long and successful 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 initiated the process of selecting a new CEO to replace Lehmus. It was also mentioned that the international recruitment process for a new CEO had started promptly after the resignation of the prior CEO, Peter Vanacker, in December the previous year. The board carefully evaluated several candidates and ultimately found 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 in Neste’s ability to bounce back under new leadership.