The CEO had a sudden departure – according to the analyst, the company has done very well

A software company There is a lot of turmoil in Admicom now. On Wednesday, the company announced the CEO’s sudden departure. At the beginning of October, however, the company’s founder and owner took over and left.

Admicom announced on Wednesday that the company’s board has agreed with the CEO Petri Kairinen with the fact that he will leave his role as CEO immediately.

Kairinen managed Admicom for more than two years, starting in June 2022.

The company’s board of directors appointed the CFO as temporary CEO One Helamon.

At the beginning of October in turn, the founder and major owner of Admicom Matti Häll sold his entire holding in the company for over 50 million euros on the Helsinki Stock Exchange. Häll owned a 20.2 percent stake in the company.

Häll founded Admicom twenty years ago and managed it himself until 2016. After that, he headed the board until 2021.

Kairisen the sudden departure came as a surprise, says the Inderes analyst Atte Riikola. He commented on the matter in the analysis company Inderes’ morning review.

According to Riikola, the departure is surprising because, according to him, Admicom has managed despite the difficult market situation.

According to Riikola, Kairinen has carried forward well Admicom’s growth strategy focused on software for the construction sector.

The company has been developed and strengthened and its growth base seems ready to accelerate growth when the market situation starts to recover in the next few years, Riikola writes in his review.

“At the same time, Admicom’s financial performance in light of the weak market situation and the increased investment in growth has been very decent,” Riikola writes.

Riikola estimates that the reason for the sudden departure is probably differences of opinion about the next steps in the company’s strategy.

Last week, Admicom published its July-September results, and they were in line with expectations. The company’s turnover increased, but the result weakened slightly from a year ago.

At that time, Kairinen estimated in the company’s interim report that the market was already showing the first signs of a pick-up in the construction industry.

The Admicom share has remained in a decline of around four percent throughout Tuesday.