Kristina Mustonen appointed as the new manager of Arco Vara AS

The Supervisory Board of Arco Vara has appointed Kristina Mustonen as the new manager of Arco Vara AS. According to the decision of the Supervisory Board, Kristina Mustonen's authority will take effect on July 15 2024 and will be valid for four years.

Kristina Mustonen holds a Master's degree in Business Administration from the Estonian Business School. She worked at Maxima Eesti from 2007 to 2020, initially as a Purchase Manager, later as Head of Purchase Unit, and from 2015 as Chief Commercial Officer. Kristina Mustonen has also served Bauhof Group as a Chief Commercial Officer and HKScan Estonia as a Board Member and Commercial Director for Baltics. In 2023, she returned to Maxima as CEO until February 2024.

Kristina Mustonen's main priorities at Arco Vara are increasing the balance sheet to at least 100 million euros and raising the annual ROE to 20%.

Kristina Mustonen, Chairman of the Management Board of Arco Vara: "I am excited about the opportunity to lead Arco Vara towards continued success and growth. The company's focus on innovative developments and commitment to providing high-quality living spaces aligns with my passion for promoting growth and creating value."

Tarmo Sild, Chairman of the Supervisory Board of Arco Vara: "We want to turn Arco Vara towards a more customer-centric approach. We have the finances and engineering, now we need to focus more on our customers' needs. Kristina has led companies that are successful because they put people first. She has built large teams to achieve this and has a clear vision when it comes to finance and discipline.”

The new manager does not own shares of Arco Vara AS.

Accoring to the decision of the Supervisory Board, Miko Niinemäe will be recalled from the Management Board of Arco Vara AS as of August 31, 2024.

Tiina Malm

CFO

Arco Vara AS

Tel: +372 614 4630