Change of Chief Executive Officer of Arco Vara AS

Kristina Mustonen, Member of the Management Board and Chief Executive Officer at Arco Vara AS has submitted her resignation from the positions of Member of the Management Board and Chief Executive Officer on her own initiative.

According to Kert Keskpaik, Chairman of the Supervisory Board of Arco Vara AS, Kristina Mustonen has made a significant contribution to the development of the Company. “On behalf of the Supervisory Board, we would like to thank Kristina for her contribution to the development of Arco Vara and wish her all the best and continued success. Under her leadership, the volume of Arco Vara’s development projects increased significantly, and the Company acquired both the Luther Quarter and the Spordi development. The Supervisory Board will soon begin meetings with candidates for the new CEO. Arco Vara needs a strong leader to successfully implement the Luther Quarter as well as the Company’s other developments, while remaining a growing and profitable company,” said Keskpaik.

Kristina Mustonen, who joined Arco Vara in 2024, stated that the decision to resign was made for personal reasons. “Over the next three months, I will focus on preparing a smooth transfer of management responsibilities to the new CEO and support their onboarding into the Company’s management processes. Together with the Chief Financial Officer, I will complete the preparation of the audited financial results for 2025, a process that has already been initiated. Preparatory work for the Luther Quarter will also continue, and construction works will commence after all necessary steps have been completed,” said Mustonen.

The resignation will take effect in accordance with the terms of the Management Board member’s contract, and the mandate of the Management Board member will end after the notice period has expired. The Supervisory Board of Arco Vara AS has initiated the necessary procedures to ensure a smooth transition of the Chief Executive Officer’s responsibilities.

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.

Darja Bolshakova
CFO
Arco Vara AS
darja.bolshakova@arcovara.com