Announcements

The Supervisory Board of Latvenergo AS has approved Kaspars Cikmačs to the position of the Member of the Management Board and he will start work on Sep 25. Āris Žīgurs, the Chairman of the Management Board, and the Members of the Management Board Uldis Bariss, Māris Kuņickis, Guntars Baļčūns will continue working in the Management Board.

The Supervisory Board of Latvenergo AS is satisfied that K. Cikmačs is joining the management team of Latvenergo who will have an experienced and enthusiastic colleague at the time of important changes taking place in the industry. Andris Ozoliņš, the Chairman of the Supervisory Board of Latvenergo AS: "Experience in management of the process of change, in-depth knowledge of transformation processes and the ability to work within an international team are the qualities thanks to which K. Cikmačs was brought to the top position of the selection list. We wish good luck to the new Member of the Management Board, the Management Board of Latvenergo and the whole team."

Kaspars Cikmačs was the Member of the Management Board and the Head of the Operations Direction of Citadele banka AS from 2010 to 2018. During employment with Citadele banka AS he has been in charge of the areas related to information technologies and operations management, including IT maintenance and development, e-commerce, as well as procurement, management and administration of real estate, provision of transportation, document management, the bank's BackOffice, product and project development, efficiency and process management, personnel management, money collection service, security service.

From June 2009 to mid-2010 K. Cikmačs was the Head of the Information Technology Department of Parex banka AS, and earlier was employed at Swedbank AS where he was the Head of the IT Operations Directions in Baltics from 2005 to 2009.

"The strategy of Latvenergo Group includes efficiency and digitalisation goals by entering new markets and thus providing even bigger contribution to the national economy. "We expect that Kaspars Cikmačs's experience and competence will be a good addition to the targeted work of the Management Board of Latvenergo AS in further successful development of the Group operations by facing challenges of the energy industry and using the current ongoing changes there as best as possible," Mārtiņš Bičevskis, the Head of the Human Resources of the Supervisory Board of Latvenergo AS, wished the Management Board upon starting working in the full composition.

Guntis Stafeckis resigned from the position of the Member of the Management Board of Latvenergo AS this year, The selection procedure of the new Member of the Management Board was performed by the selection commission established by the Supervisory Board of Latvenergo AS and comprising delegated Members of the Supervisory Board, representatives of the Cross-Sectional Coordination Centre and Baltic Institute of Corporate Governance.

Latvenergo Group is the biggest power supply provider in Baltics dealing in electricity generation and heat production and sales, natural gas sales, provision of the power distribution service and management of transmission assets. The structure of Latvenergo Group comprises a set of business companies where the parent company Latvenergo AS has the decisive impact and which comprises five daughter companies.