Citycon has renewed its organizational model

 Citycon has renewed its organizational model and the company will from now on be managed by clusters instead of a country based organizational model. Citycon has been divided to eight different clusters on the basis of property locations. The new model will be taken into use immediately.

 In the organizational model Finnish shopping centres and other properties have been divided into four different clusters, Sweden into three and Baltic Countries and New Business into one cluster. Each cluster is managed by a Commercial Director, who reports to the Chief Operating Officer. The Commercial Director has a team of shopping centre managers, a leasing manager and a technical manager. To support the clusters and bring cross-border synergies the Development and Sustainability, Marketing as well as Finance and Accounting functions in all countries have been centralized. In accordance to the renewal, Vice President of Finnish operations Mr. Marko Juhokas has been appointed as the Group’s Senior Vice President of Development and Sustainability.

 “Our new operational model supports the goal of creating “One Citycon”. We want to better serve our clients and therefore have shifted the decision making power closer to our tenants and everyday life. Centralizing responsibilities will bring synergies to benefit all of our operations, all the way to the tenants and clients. For example in marketing, we can easily use the same campaigns across the region,” comments Citycon’s CEO Marcel Kokkeel and continues: “Through this new model we aim at gaining internal efficiency, increased internal cooperation and improved entrepreneurial attitude and ownership with the help of clearer roles and responsibilities. Internal efficiency is important to us at Citycon and we consider it to be a major contributor to our published cost saving targets for 2013.”

 Group level functions such as Accounting and Treasury, Group Control, IT, HR, Legal, IR and Communications continue unchanged to support the business clusters.

 Helsinki, 6 February 2013

 

 CITYCON OYJ

  

 For further information, please contact:

 Marcel Kokkeel, CEO

 Tel. +358 20 766 4521 or +358 40 154 6760

 marcel.kokkeel@citycon.fi

 Eero Sihvonen, Executive Vice President and CFO

 Tel. +358 20 766 4459 or +358 50 557 9137

 eero.sihvonen@citycon.fi

 

 Distribution:

 NASDAQ OMX Helsinki

 Major media

 www.citycon.com