Neste CEO Matti Lehmus steps down

Neste announced that Matti Lehmus, company’s president and CEO since May 2022, will be stepping down and the company has started search for his replacement. 

However, it added that in order to secure an orderly transition to the new president and CEO, Neste said that Lehmus has agreed to continue as president and CEO until his successor his hired.

Neste’s share prices nosedived in February earlier this year after it posted fourth-quarter operating profit below expectations and forecast a lower 2024 renewable products sales margin.

Lehmus’ news of stepping down comes a week after Neste posted first quarter 2024 financial results wherein its revenue declined to €4.8bn, down from €5.3bn in the same period last year. Revenue from renewable product sales also dipped slightly, landing at €1.7bn compared to €1.8bn in Q1 2023.

Moreover, the company also witnessed a significant drop in renewable products’ EBITDA from €415m to €242m.

A key factor behind the decline in profitability was the significant drop in renewable product sales margins, falling from $945/ton to $562/ton in Q1.