Arco Vara conducted a contest for the CEO position of the company. As per Supervisory Board’s decision, Kristina Mustonen has been appointed as the CEO starting from July 15. Mustonen, who has previously held successful leadership roles in the retail sector, has a target to increase Arco Vara’s balance sheet to at least 100 million euros and raise the return on equity to 20% per year.

Kristina Mustonen has managed international companies throughout her career. She worked at Maxima Eesti for a total of 13 years, starting as a Purchase Manager and holding the CEO position in her final year. Additionally, she has worked as the Chief Commercial at Bauhof Group and served HKScan Estonia as a Board Member and Commercial Director for Baltics.

Arco Vara’s strategic vision of sustainable growth and expansion in the real estate market, in the Baltic States as well as Bulgaria, were the main motivators for Mustonen to join the company. “I am excited about the opportunity to lead Arco Vara towards continued success and growth. The company’s focus on innovative developments and commitment to providing high-quality living spaces aligns with my passion for promoting growth and creating value,” she said.

Tarmo Sild, Chairman of the Supervisory Board of Arco Vara, believes that under the new CEO’s leadership, the growing and profitable Arco Vara will be able to continue its ambitious plans. “We want to turn Arco Vara towards a more customer-centric approach. We have the finances and engineering, now we need to focus more on our customers’ needs,” he explained. “Kristina has led companies that are successful because they put people first. She has built large teams to achieve this and has a clear vision when it comes to finance and discipline.”

As the main focus areas in her new role, Mustonen highlighted the expansion of operations in existing countries and the search for projects in new regions. According to her, equally important is enhancing customer experience and strengthening the brand’s reputation. “Arco Vara is committed to understand and address customer needs through continuous engagement and feedback mechanisms. By prioritizing quality service, timely delivery of high-quality developments, and effective communication, we aim to strengthen customer trust and satisfaction,” explained Mustonen.

For Arco Vara’s investors, Mustonen emphasizes the importance of ensuring a return on investment through efficient project execution and responsive market developments, as well as expanding market share and diversifying the project portfolio.

Kristina Mustonen will take over the leadership of Arco Vara from the current CEO, Miko Niinemäe, by the end of this summer.