HELSINKI, Dec. 12, 2018 /PRNewswire/ --
The Board of Directors of Citycon Oyj has approved a new Restricted Share Plan 2018-2021 for the Citycon's incoming CEO, F. Scott Ball who will commence his appointment as CEO on 1 January 2019. The appointment of the new CEO was published in the stock exchange release dated 2 November 2018.
The aim of the new plan is to combine the objectives of the shareholders and the incoming CEO in order to increase the value of the company in the long-term, to retain the CEO at the company, and to offer him a competitive reward plan based on receiving and accumulating the company's shares.
The new CEO Restricted Share Plan 2018-2021 includes three vesting periods ending on 15 November 2019, 2020 or 2021. The rewards to be paid on the basis of this plan correspond to the value of a total of 600,000 Citycon shares including also the cash proportion to be used for taxes and tax-related costs. The rewards from the plan will be paid in three equal instalments, partly in the company's shares and partly in cash, after the end of each vesting period, unless the CEO has terminated his director contract.
Espoo, 12 December 2018
CITYCON OYJ
The Board of Directors
For further information, please contact:
Eero Sihvonen
CFO and Executive Vice President
Tel. +358-50-557-91-37
eero.sihvonen@citycon.com
Mikko Pohjala
IR and Communications Director
Tel. +358-40-838-0709
mikko.pohjala@citycon.com
Citycon is a leading owner, manager and developer of urban, grocery-anchored shopping centres in the Nordic region, managing assets that total approximately EUR 4.5 billion. Citycon is a leading pan-Nordic shopping centre owner focused on the major cities in Finland, Norway, Sweden, Estonia, and Denmark.
Citycon has investment-grade credit ratings from Moody's (Baa2) and Standard & Poor's (BBB). Citycon Oyj's share is listed in Nasdaq Helsinki.
www.citycon.com
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http://news.cision.com/citycon-oyj/r/citycon-resolved-on-the-long-term-incentive-plan-for-the-new-ceo,c2698456
