The supervisory board of Latvia’s flag carrier airBaltic will be replaced under an agreement which the board reached with the Latvian Ministry of Transport, according to a statement issued by the ministry on Monday evening.
Members of the board include Klavs Vasks, Andris Liepins, Kaspars Ozolins and Lars Thuesen. The first three will leave the board on February 11. The performance of the airBaltic supervisory board was to be evaluated at an airline shareholder meeting on January 21, but at the last moment the Transport Ministry disclosed information to say that the board will be replaced.
The parties agreed that the current supervisory board will remain in office until the next shareholder meeting on February 11 so as to “ensure the responsible and orderly transition of the company’s management.” The shareholder meeting is expected to elect a new supervisory board.
The agreement on the termination of the board’s previous mandate was signed by Vasks as chairman of the supervisory board, as well as by board members Ozolins and Liepins.
“I expect that the process of attracting a strategic investor for the airline will be complete over the next several weeks,” says Transport Ministry State Secretary Andulis Zidkovs. “The shareholder has taken all necessary legal steps to conclude the process successfully. After the transaction is completed, airBaltic will enter a new phase of development, and oversight will be the responsibility of the new supervisory board.”
The ministry adds that it has already started to examine candidate for the new board “so as to build on progress that has been made and to ensure support for airBaltic’s strategic objectives.”
Source: BNS
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