"I am enormously grateful for the trust I have received from both the Board and the employees to lead the company through an eventful and in many ways challenging period. At the beginning of the year, Magnolia Bostad refinanced all outstanding bonds and thereby laid a stable foundation for delivering on the company's new business plan. With these conditions, I see it as an appropriate time to hand over to someone new who will continue to drive the company forward," says Johan Tengelin.

"I would like to extend a warm thank you to Johan for his efforts. During his time as CEO, Magnolia Bostad has undergone a significant transformation journey from a listed company to a smaller, more efficient organization with new business goals. As we now enter a new phase, Johan and the Board have agreed that it is the right time to hand over to a more operational leadership. Our focus remains on developing quality and sustainable homes for sale and consolidating Magnolia Bostad as a leading developer of homes in a forward funding structure," says Erika Olsén, Chairman of the Board of Magnolia Bostad.

Johan Tengelin took over as CEO of Magnolia Bostad in December 2020. The recruitment process will now begin to find a successor.