Announcements

Yesterday, on 16 November, the Supervisory Board of Latvenergo AS elected a new Chairman of the Management Board and members of the Management Board with a five-year term. The selection procedure for the new members of the Management Board was implemented by the Nomination Commission approved by the Supervisory Board of Latvenergo AS, which submitted the most appropriate candidates for evaluation to the Supervisory Board of Latvenergo AS.

Mārtiņš Čakste has been appointed as the Chairman of the Management Board of Latvenergo AS, Dmitrijs Juskovecs and Harijs Teteris have been appointed as the members of the Management Board, and the current board members Guntars Baļčūns and Kaspars Cikmačs will continue employment in the Management Board.

State Secretary of the Ministry of Economics Edmunds Valantis congratulates the new members of the Management Board of Latvenergo AS: "I invite Latvenergo to apply ambitious and innovative solutions for ensuring and achieving its strategic goals. I anticipate the promotion and growth of the climate-neutral competitiveness of Latvia, in line with the guiding principle of the new strategy of Latvenergo Group."

"Latvenergo Group is a convincing leader in the Baltic States in green energy and is planning an ambitious breakthrough in new business segments. Management Board of the company will not only continue to move towards ambitious goals in domestic and neighbouring markets, but also in line with the general strategic aim of the Group – increase the value of Latvenergo Group by economically justified development and provision of products and services in energy and related business value chains, as well as effectively managing strategically important resources and infrastructure for the development and security of the country. Rapid changes are taking place throughout society, especially concerning our sense of responsibility towards the environment, and this is also driving new and dynamic changes in business management. We will demand a lot from the team led by Mārtiņš Čakste, and I believe that we have appointed a young, ambitious and excellently educated person in the management of Latvenergo," describes Ivars Golsts, Chairman of the Supervisory Board of Latvenergo AS.

Mārtiņš Čakste, Dmitrijs Juskovecs and Harijs Teteris have been selected for the Management Board of Latvenergo AS via the evaluation of the publicly announced candidate selection competition.

Mārtiņš Čakste expresses his satisfaction that he was selected to become the Chairman of Latvenergo: "The opportunity to manage the most valuable company in Latvia is the best motivating force for me. I am a result-oriented person and I believe that a lot can be achieved quickly and efficiently with a professional, motivated team and relevant knowledge. This is a time of change, and I am a professional change manager with experience in targeted, company value-creating activities."

M. Čakste holds a Doctor's degree in business administration from Riga Technical University, and a Master's degree in engineering economics management obtained before. Since 2017, M. Čakste is the Chairman of the Board of Pure Chocolate SIA. From 03.2008 to 31.12.2016, M. Čakste was a Board member of Melnā kafija SIA. From 2008 to 2015, he was the General Manager of Officeday Latvija SIA, Officeday Group, Chairman of the Board in the Baltic States.

Dmitrijs Juskovecs: "I am truly happy to join the Latvenergo team. I will be pleased to use my long-term experience in managing companies in various industries - starting from successful crisis and change management skills to international expansion and securing of the leading position in the industry. I am convinced that my experience working in Latvia's leading private equity companies will make a valuable contribution to Latvenergo challenges of today and tomorrow - from unprecedentedly high energy prices throughout Europe to the challenges related to the climate neutrality direction of Latvia and the EU. I am honoured to be a part of the team that has made Latvenergo the most valuable company in Latvia with its work, which is an indisputable proof of professionalism, cohesion and enthusiasm."

Member of the Management Board D. Juskovecs will act as the Chief Commercial Officer. He holds a Bachelor's degree in economics and business administration from studies in Stockholm School of Economics in Riga from 1994 to 1996; he is a Master of Business Administration majoring in finances (graduated cum laude from the American Graduate School of International Management (Thunderbird), Phoenix, USA, 1996-1997.

Since 2000, D. Juskovecs has held leading positions in leading pharmaceutical and technology companies in Latvia and Europe (Magnum Medical SIA, Aptieku Infotehnoloģija SIA, ELKO GRUPA AS, RePharm AS Group companies), where he gained a comprehensive practical experience in strategic and operational management of large companies, planning and implementation of significant investment projects, digital transformation, as well as change and personnel management - consistently with excellent business results. In 2013-2014, he was the Regional Director of Elko grupa AS. Since 2010, Dmitrijs Juskovecs is the Lecturer at the Stockholm School of Economics in Riga.

Harijs Teteris who will be responsible for the generation segment of Latvenergo AS, emphasizes: "It is always possible to develop the capacities available to the company, improve their performance, and I believe that my experience and skills, combined with the technologies and solutions available today, can make a good contribution in both operational activities and development of large investment projects."

Harijs Teteris holds a Professional MBA in Management of Enterprises and Organizations from RTU Riga Business School, previously obtained a degree in civil engineering at RTU. In 1993, H. Teteris started working for AGA SIA as Technical Director. He is currently a Board Member of Linde Gas SIA responsible for production and logistics, as well as customer projects and service in the Baltic States. Linde PLC is the world's largest industrial gases company, supplying companies in the manufacturing, medical, food, chemical, electronics and other industries, covering all continents of the world.

M. Čakste, D. Juskovecs and H. Teteris will assume the office for Latvenergo AS on 3 January 2022.

Personnel selection companies Executive Search Baltics SIA (Amrop) and Pedersen & Partners SIA were involved in the selection and evaluation of candidates.

Chairman of the Supervisory Board of Latvenergo AS I. Golsts expresses gratitude to the Nomination Commission of the Management Board of Latvenergo, Guntars Baļčūns for performing the duties of the Chairman of the Management Board, and also acting as the Chief Financial Officer, as well as to the current members of the Management Board Arnis Kurgs and Uldis Mucenieks for assuming responsibilities to ensure on-going and comprehensive operations of the company. A. Kurgs and U. Mucinieks will continue to work in the management of Latvenergo AS.