Change in the management of Arco Vara AS

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