SBB, the landlord at the center of Sweden’s property crisis, suffered yet another setback after its chief financial officer for the past seven years announced she would be leaving.
Eva-Lotta Stridh, who is also the deputy chief executive officer of Samhallsbyggnadsbolaget i Norden AB — as the company is formally known — will remain in her post during the three-month notice period and the process to hire a new CFO has already started, according to a statement after market close on Friday.
“That she continues to work during her notice period gives us continuity during the recruitment process,” said SBB CEO Leiv Synnes.
The departure adds yet another layer of pressure on Stockholm-based SBB, which is racing to plug a self-identified cash shortfall of 8.1 billion Swedish kronor ($737 million) over the next 12 months. The company has suffered a spate of rating downgrades since losing its investment grade status in early May and its founder was ousted as CEO in June.
Since then SBB has put itself up for sale and continues to seek ways to lighten a balance sheet burdened by more than $8 billion in debt amid falling property valuations and a dearth of buyers in the transaction market.
Last week saw the landlord receive 2.4 billion kronor in cash after completing an agreement for its SBB Residential Property unit to issue preference shares to a fund managed by Morgan Stanley. It is also considering carving out its entire residential business with a portfolio of 36.5 billion kronor for an initial public offering, Bloomberg News reported earlier this month.
Read More: SBB Is Said to Consider IPO of $3.4 Billion Residential Unit
