Swedish property group SBB replaces CEO as search for buyers continues

Sweden's SBB said on Friday that the company's founder and CEO Ilija Batljan will step down and is replaced by real estate industry veteran Leiv Synnes as the board continues to seek buyers for all or parts of the indebted group.

"With Leiv Synnes as the new CEO, SBB gains a new, highly qualified force that can manage the company with full focus and support the board of directors in the strategic review," board Chair Lennart Schuss said in a statement. Hit by soaring interest rates that forced the company to cancel its dividend and scrap a share issue, SBB on Monday said it was considering a sale of all or parts of the company.

Synnes, born 1970, is leaving his position as chief financial officer at rental property company Akelius to join SBB.