Miko Niinemäe, Chairman of the Board at Arco Vara is to leave the company, and
the Supervisory Board has begun searching for a new board member, who will take
over the leadership by the end of the year at the latest.
Miko Niinemäe, who joined Arco Vara in 2017 and was elected as the company's CEO
in 2020, said he can leave with peace of mind. "Seven years in one organization
is quite a long period these days. Starting as the youngest manager of a listed
company on the Tallinn Stock Exchange, a career turn at some point is quite
expected. I felt that this moment has now arrived," explained Niinemäe.
According to Tarmo Sild, the Chairman of the Supervisory Board at Arco Vara,
Niinemäe's desire to resign and try something else is understandable, as he has
successfully proven himself in real estate development. "On behalf of the
Supervisory Board, we wish Miko only the best for the future. During his
management, the volume of Arco Vara's developments has increased, the scope of
activity now also includes construction, all years have been profitable, and in
addition to growth, the company has paid dividends."
The Supervisory Board has begun meetings with candidates for the new leader.
"Arco Vara's ambition is to grow its balance sheet to at least one hundred
million euros, and to be an innovative, growing, and profitable real estate
company. Arco's team needs an excellent conductor, and this position is only for
the strong ones," described Tarmo Sild expectations for the new leader.
Arco Vara confirms that the departure of the CEO will not affect Arco Vara's
strategy, and the plan to pay dividends and grow the company under experienced
leadership remains valid.
Tiina Malm
CFO
Arco Vara AS
+372 614 4630
tiina.malm@arcovara.com
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