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Arco Vara CEO Resigns; Board Affirms Growth and Dividend Strategy
Kristina Mustonen has resigned as CEO of real estate developer Arco Vara for personal reasons, triggering a leadership search as she stays on for a three-month transition to ensure continuity for major projects like the €200 million Luther Quarter development.
- —Kristina Mustonen has announced her resignation as CEO of Arco Vara, citing personal reasons, and will focus on ensuring a smooth transition over the next three months.
- —The company's supervisory board has initiated a search for a new CEO and stated that the company's strategy, including dividend payments and growth plans, will remain unchanged.
- —Mustonen's tenure saw significant growth in Arco Vara's project portfolio, including the acquisition of the Luther Quarter and the Spordi Street development project.
- —Arco Vara is an international real estate development group primarily active in Estonia and Bulgaria, with its parent company founded in 1992 and listed on the Nasdaq Tallinn stock exchange since 2007.
Recap
The departure of Arco Vara's CEO is being carefully managed to project stability and strategic continuity. By framing the resignation as personal and immediately affirming its financial and growth commitments, the board aims to mitigate investor uncertainty. The key challenge for the incoming leader will be to maintain momentum and execute on the large-scale development projects acquired under Mustonen's leadership, which are critical to the company's future valuation.