Matti Lehmus, the managing director of Liquid, a fuel company, has stepped down from his position. Under Lehmus’ 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 in place.
Lehmus has had a lengthy career at Neste, joining the company in 1998. He has held various key management positions in both the oil product business and renewable products during his tenure. Lehmus took on the role of CEO from the position of Renewables Platform Business Director.
Neste’s chairman of the board, Matti Kähkönen, announced the appointment of Lehmus as CEO in March 2022, after an international recruitment process. The company recently reported its first-quarter results, which fell short of analysts’ expectations due to a weaker market for renewable products.
The decline in comparable EBITDA was attributed to increased competition and a slowdown in the European market. This led to a significant drop in Neste’s share price, causing 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.