STOCKHOLM: Struggling Swedish real estate group SBB said on Wednesday the nomination committee of its board of directors has proposed Lennart Sten as new chairman of the board.
Sten, a real estate sector veteran with former positions including CEO of Fabege, this month took on a role as senior adviser to SBB’s board.
SBB said in a statement current chairman Lennart Schuss will stand for re-election as a member of the board, but not as chair. Board members proposed for re-election include SBB’s founder Ilja Bataljan.
The group is at the centre of a property crash that threatens to engulf the Swedish economy, having racked up vast debt by buying public property, including social housing, government offices, schools and hospitals.
(Reporting by Anna Ringstrom; editing by Louise Rasmussen)
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