Published: 2016-12-06 07:30:00 CET
LHV Group
Changes board/management/auditors

Madis Toomsalu was elected new CEO of AS LHV Group

The Supervisory Board of AS LHV Group decided yesterday to elect Madis Toomsalu new CEO of LHV Group.  Conjointly the Supervisory Board accepted the resignation of Erkki Raasuke. Toomsalu started as the CEO on 5 December. 

Madis Toomsalu first started working at LHV in 2007 as a stock analyst. After LHV received its banking license in 2009 Toomsalu began work as a credit analyst and filled the position of Head of Credit analysis department in 2011. In 2012 he became Head of Credits and also a member of the bank's Credit Committee, which he is the chairman of since 2014. Toomsalu has obtained a bachelor’s degree in business management from Tallinn University of Technology in 2009 and a master’s degree in 2011 in public sector finance.

As the CEO of LHV Group Madis Toomsalu will also fill the position of Chairman of the Supervisory Board for AS LHV Pank and AS LHV Varahaldus, both main subsidiaries of the group. Erki Kilu will continue as the CEO of LHV Pank and Mihkel Oja as the CEO of LHV Varahaldus.

Madis Toomsalu holds 13,775 shares of AS LHV Group and has the option to require 18,477 shares if the requirements set by the General Meeting of Shareholders are met.

LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group's key subsidiaries are AS LHV Pank and AS LHV Varahaldus. LHV employs over 250 people and over 100,000 customers use LHV’s banking services. Pension funds managed by LHV have over 175,000 customers.

         Priit Rum
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