Neste CEO Matti Lehmus Steps Down as Managing Director of Liquid amidst Decline in Renewable Products Market

Matti Lehmus, the CEO of Neste, will step down from his position as managing director of Liquid, a fuel company. Lehmus has been in this role since May 2022 and will continue to lead Neste until a new successor is found.

Lehmus has had a lengthy career at Neste, joining the company in 1998 and holding various key management positions in both the oil product business and renewable products. He took on the role of CEO from the position of Renewables Platform Business Director after an international recruitment process announced by chairman of the board Matti Kähkönen in March 2022.

However, recent first-quarter results fell short of analysts’ expectations due to a weaker market for renewable products. The decline in comparable EBITDA was attributed to increased competition and a slowdown in the European market, leading to a significant drop in Neste’s share price. This caused a 13% decline at the end of the results day and has resulted in a 34% fall in its stock value this year.