New Members Elected to LHV Group Management Board
20 10월 2022 - 2:00PM
New Members Elected to LHV Group Management Board
In connection with the reorganisation of the organisational
structure of AS LHV Group (LHV Group) as a parent financial holding
company, the Supervisory Board of LHV Group decided to elect Meelis
Paakspuu, Martti Singi, and Jüri Heero as new Members of the
Management Board. Madis Toomsalu, current Member of the Management
Board, was appointed Chairman of the Management Board and his
mandate was not changed.
LHV Group is a holding company whose subsidiaries include a
credit institution, an asset management company, and a non-life
insurance company. In addition, LHV Group is in the process of
setting up a new bank in the UK. The expansion of the Management
Board is a result of both being subject to the regulatory
resolution scheme as well as the expansion and growth of LHV Group
in different markets.
The mandates of the new Members of the Management Board will
start on 1 November 2022 and will be valid until 31 March 2027. The
current mandate of Madis Toomsalu is valid until 31 March 2026.
Madis Toomsalu has
been a Member of the Management Board of LHV Group since 2016. He
is the Chairman of the Supervisory Boards of AS LHV Pank (LHV
Pank), AS LHV Kindlustus, AS LHV Varahaldus, EveryPay AS and a
Member of the Supervisory Board of AS LHV Finance. He is also the
Chairman of the Board of Directors of LHV UK Ltd and a Member of
the Management Board of MTÜ FinanceEstonia. Madis Toomsalu and a
person related to him own 1,031,090 shares of LHV Group (0.33%
stake). He has the right to acquire a total of 860,310 shares of
LHV Group for the options issued between 2020 and 2022.
Meelis Paakspuu has
been a Member of the Management Board and CFO of LHV Pank since
2015. He does not belong to governing bodies of any other
companies. Meelis Paakspuu and persons related to him own 491,320
shares of LHV Group (0.16% stake) and he has the right to acquire a
total of 527,700 shares of LHV Group for the options issued between
2020 and 2022.
Martti Singi has
been a member of the Management Board and Risk Manager of LHV Pank
since 2012. He does not belong to governing bodies of any other
companies. Martti Singi and persons related to him own 853,530
shares of LHV Group (0.27% stake) and he has the right to acquire a
total of 506,410 shares of LHV Group for the options issued between
2020 and 2022.
Jüri Heero has been
a member of the Management Board and IT Manager of LHV Pank since
2007. He does not belong to governing bodies of any other
companies. Jüri Heero and persons related to him own 1,012,180
shares of LHV Group (0.32% stake) and he has the right to acquire a
total of 506,410 shares of LHV Group for the options issued between
2020 and 2022.
All new Members of the LHV Group Management Board will continue
to serve on the Management Board of LHV Pank. The right of
representation specification of the Members of the Management Board
resulting from the Articles of Association of LHV Group will also
be entered in the Commercial Register: the Chairman of the
Management Board alone or two Members of the Management Board
jointly may represent LHV Group in transactions.
LHV Group is the largest domestic financial group and capital
provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV
Varahaldus, and LHV Kindlustus. The Group employs more than 840
people. As at September, LHV’s banking services are being used by
364,000 clients, the pension funds managed by LHV have 130,000
active clients, and LHV Kindlustus protects a total of
152,000 clients. LHV’s UK branch offers banking infrastructure
to 200 international financial services companies, via which LHV’s
payment services reach clients around the world.
Marthi LepikCommunications SpecialistPhone: +372 5666 2944Email:
marthi.lepik@lhv.ee
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