Neste’s CEO Matti Lehmus is stepping down from his position as the managing director of Liquid, a fuel company. Under his leadership, the company has faced significant challenges, with its share price dropping significantly.
Lehmus has been in this role since May 2022 and will continue as CEO until a successor is appointed. The board of Neste has already initiated the process of finding a new CEO. Lehmus has had a long career at Neste, joining the company in 1998 and holding various key management positions in both the oil product business and renewable products during his tenure.
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. Despite these challenges, Lehmus remains committed to leading Neste through this difficult period and finding solutions to help the company recover.