Companies|The rental housing company Kojamo is changing its CEO. The company’s stock has fallen in price this year.
Rental housing company Kojamo is changing his CEO. The company said on Monday morning before the stock market opened that the CEO who has led the company since 2011 Jani Nieminen leave his job.
“Kojamo Oyj’s board of directors and CEO Jani Nieminen have jointly agreed that Nieminen will leave his position,” Kojamo said in his press release.
Kojamo’s board has appointed the company’s CFO and deputy CEO as temporary CEO Erik Hjeltin. He will start his new position immediately.
Hjelt has been the company’s CFO since 2015. He now handles the duties of both CFO and interim CEO. The company is currently looking for a new CEO.
Under Nieminen’s leadership, Kojamo was listed on the stock exchange in 2018. It is Finland’s largest private housing investment company.
Company issued a negative earnings warning in mid-July due to the market’s abundant supply and fierce competition.
Kojamo estimates that the group’s turnover will grow this year by 2–4 percent compared to the previous year, while the previous forecast was 4–7 percent.
In addition, the company estimates the group’s cash flow before changes in working capital (FFO) to be EUR 142–152 million without one-time expenses in 2024. The previous estimate was EUR 152–164 million.
The company said at the time that it expects that the population growth of Helsinki, Tampere and Turku and the low number of market-based apartments completed in 2025 and 2026 will equalize the demand and supply of rental apartments.
On the market the information about the manager’s departure was met with enthusiasm. The company’s stock opened down about 2.6 percent. The past year as a whole has been sad for Kojamo’s stock, as the stock has depreciated by almost 17 percent this year.
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