Matti Lehmus, the managing director of Liquid, a fuel company, has announced that he will step down from his position. Lehmus has been in this role since May 2022 and will continue as CEO until the new successor is in place.
Lehmus has had a lengthy career at Neste, joining the company in 1998 and holding various key management positions during his tenure. In March 2022, Neste’s chairman of the board appointed him CEO after an international recruitment process.
The recent first-quarter results of Neste 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.
Despite this setback, Lehmus remains committed to driving growth and innovation at Neste under his leadership. He plans to continue focusing on expanding the company’s renewable products business while also improving operational efficiency and profitability across all areas of operations.