Swedish Landlord SBB, Struggling with Debt, Replaces its CEO

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Ilija Batljan, the founder of a Swedish property company, has resigned as its chief executive officer. (Felix Odell, The Wall Street Journal).

SBB, Sweden's largest bank, announced Friday that Ilija Bátljan would be replaced as CEO. The company's commercial property has been struggling under debts of more than $8 billion, accumulated when interest rates were close to zero.

SBB shares have fallen by more than 60% over the last month, thanks to a

Poorly received fundraising plan

S&P has downgraded the ratings of this project, which was scrapped. The stock price soared on Friday after the news of a leadership change.

Samhaellsbyggnadsbolaget i Norden AB Series B

SE:SBB.B (Sweden: Stockholm)