In a recent announcement, troubled Swedish real estate firm Oscar Properties OP.ST revealed the immediate departure of CEO Carl Janglin, contrary to the previous indication that he would remain until a successor was appointed. The board of directors will assume operational duties until a suitable replacement for the CEO role is secured, according to the company’s statement.
Peter Norman, the board’s Chair, stated, “The Board is now accelerating the process of appointing a successor to the CEO position,” emphasizing their commitment to finding a capable successor swiftly. Norman also underscored ongoing efforts to address the company’s outstanding debt obligations and safeguard its assets amidst challenging market conditions.
Oscar Properties, grappling with substantial debt burdens amid rising borrowing costs and sluggish demand, saw both Janglin and CFO Magnus Thimgren resign from their positions earlier in February.
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