“I am deeply grateful for the trust I have received from both the Board and my colleagues in leading the company through an eventful and, in many ways, challenging period. Earlier this year, Magnolia Bostad successfully refinanced all outstanding bonds, thereby laying a solid foundation for delivering on the company’s new business plan. With these conditions in place, I believe the time is right to hand over the baton to someone who can continue driving the company forward,” says Johan Tengelin.

“I would like to extend my sincere thanks to Johan for his contributions. During his tenure as CEO, Magnolia Bostad has undergone a significant transformation—from a listed company to a smaller, more efficient organization with new operational goals. As we now enter a new phase, Johan and the Board have agreed that this is the right time to transition to a more operational leadership. Our continued focus is on developing high-quality, sustainable housing for sale and reinforcing Magnolia Bostad’s position as a leading developer of residential projects within a forward funding structure,” says Erika Olsén, Chair of the Board at Magnolia Bostad.

Johan Tengelin assumed the role of CEO in December 2020. The recruitment process to find his successor will now begin.