Hemnet has been facing challenges for a long time, and its share price has plummeted on the Stockholm Stock Exchange, falling 59 percent since the beginning of the year.
During the third quarter, the number of paid listings fell by 30 percent. The company is now replacing CEO Jonas Gustafsson, who took up the position as recently as November 2024.
“We are deeply grateful for Jonas’s drive and dedication, and fully support the company’s new direction. At the same time, we have jointly concluded that the company’s next phase is best led by new forces,” Chairman of the Board Henrik Lönnevi writes in a press release.
Hemnet recently announced an extensive cost-cutting package that will reduce its workforce by almost 40 percent. Competition in the market has intensified in recent years, not least from Booli, which is owned by state-owned SBAB. Many also choose to advertise on estate agents’ own websites.
The property listings site, which has traditionally charged for ads, will introduce free listing formats to attract more customers.
“Hemnet is a fantastic platform that has played a central role as the country’s meeting place for the housing market for decades. Building on that position, the company has now made a strategic shift that has secured a complete marketplace and created entirely new conditions for the future,” says Michael Hansen, who has been appointed acting CEO.
He will take up the role on November 5.
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