Hemnet CEO Resigns

Cecilia Beck-Friis has announced her resignation from the market-leading Swedish real estate portal Hemnet after seven years in the role.

Beck-Friis informed Hemnet's board of directors this week that she will leave the company within the next 12 months, and will remain in her current position until a successor has been appointed, no later than July 2025.

She said:

"After seven transformative and exciting years at Hemnet, I have decided to consider the next step in my career. It has not been an easy decision, but the timing feels right. We have delivered what we promised and more, we have invested in and developed a scalable platform and a product that will continue to grow in the future.

"Moreover, we have a strong and motivated team in place and a property market that is on the way back. Until a successor is appointed, however, I am fully dedicated to continuing to lead Hemnet."

In a post on her personal Linkedin page, Beck-Friis added:

"It's a bittersweet moment. I am saddened to leave such an exceptional company, yet I am excited for the future. Above all, I am incredibly proud of what we have achieved together during my seven years at Hemnet.

We've transformed our product and built a scalable platform for continued growth. Our revenue has soared from 250 MSEK to over a billion, significantly boosting profitability. We've grown our organization with a focus on solving customer pain points, innovation, and fostering a culture of learning and curiosity.

"The work we have done to build a world-class company and one of Sweden's most attractive employers has paid off, evidenced by the increasing number of high-quality candidates when we look for new talents. We've also successfully transitioned from a private to a public company, demonstrating our ability to navigate and thrive in a dynamic environment while delivering exceptional value to users, customers, and shareholders."

Anders Nilsson, Chair of the Board of Directors at Hemnet, said:

"I would like to extend my and the Board's warmest thanks to Cecilia for an outstanding contribution to Hemnet. Together with her team, she has driven an extraordinary development and growth in the company.

"Hemnet has been a hub for the Swedish property market for 25 years, but under Cecilia’s leadership, has expanded its product offering, quadrupled its revenue, and transitioned from a privately-owned company to a publicly traded one. This has positioned Hemnet on a stable foundation ahead of its continued growth journey."

Francesca Cortesi, Chief Product Officer, also left Hemnet recently, meaning the company now has two major roles to fill in the coming months.

Hemnet saw operating profits increase by 61% in its second-quarter results released in July 2024.

Hemnet is a clear market leader in Sweden claiming 550% more traffic than its closest competitor. Since floating on the stock market in 2021, the company has been able to leverage its position and the dynamics of the Swedish property market to steadily increase the revenue it generates from each listing.

Beck-Friis has earned her resignation given the huge success she has overseen as CEO, including seeing operating profits 13x in the past four years alone.

The next CEO will have big shoes to fill as one of the most dominant portals in the global real estate game, especially in terms of delivering more value to expectant shareholders who seek even greater returns from their investment.