The liquid fuel company Neste, which was founded in 1923, has announced the departure of its CEO Matti Lehmus. After serving since May 2022, Lehmus and the board have mutually agreed on his departure. However, he will continue as CEO until a successor is appointed.
During his tenure, 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. He played a vital role in transforming Neste into a leader in sustainable biofuels production.
The board of directors initiated the process of selecting a new CEO to replace Lehmus after his resignation in December 2021. They carefully evaluated several candidates before finding an internal successor well-suited to lead Neste’s future growth. The company believes that this new leadership will help them navigate the challenges they face in today’s competitive market and continue their journey towards becoming carbon neutral by 2050.
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 that Neste will bounce back under new leadership.
Lehmus expressed gratitude for his time at Neste and thanked everyone who worked with him during his tenure. He stated that he was proud of what they had accomplished together and wished them all success in their future endeavors.
The company has not yet announced when it plans to appoint its new CEO but said that it would be done soon.
