Elering AS Directorate Change (8724H)

TIDM42QV

RNS Number : 8724H

Elering AS

05 August 2019

Elering AS

05.08.2019

Elering supervisory board approves management board members for new period

The supervisory board of Estonia's electricity and gas TSO Elering AS has confirmed the chairman of the management board Taavi Veskimägi's appointments of two management board members, Head of Asset Management Kalle Kilk and Chief Financial Officer Riina Käi.

Kalle Kilk has served two terms on the management board and holds a doctorate in electrical engineering from TalTech. Riina Käi joins the Elering management board from the Estonian capital's public water utility Tallinna Vesi, where she serves as financial director and board member.

Veskimägi said Elering had to find a new CFO and board member as the previous CFO Peep Soone expressed the desire not to continue as executive board member in the new period. "I want to extend my heartfelt thanks to Peep for his long, very productive work as Elering's CFO. What is especially gratifying for me is Peep's desire to continue to apply in different capacities his experience and knowledge for achieving Elering's goals.

"We set high requirements for our search for the new CFO: they had to possess experience managing the financial affairs of a large, publicly listed private-capital-based company operating in a regulated market, and in addition to financial experience, extensive managerial skills and a mindset open to changes. Riina met all of the criteria we set. It was also not insignificant that we wanted to improve the gender balance on the Elering board when the CFO position became vacant," said Veskimägi.

According to the chairman of the Elering supervisory board Timo Rajala, the supervisory board was certain that Kalle Kilk and Riina Käi represented the best possible candidates for fulfilling the tasks that lie ahead for Elering. "Above all, I'm thinking ahead to major strategic projects such as synchronization of the electrical system with continental Europe and the related investments into new infrastructure".

"I am very glad to join Elering's professional team, and I believe I can use my past experience for effectively tackling the challenges ahead for Elering," said Riina Käi.

The management board of Elering has three members. The powers of the recently confirmed members will take effect in January 2020 and their term is five years. The Elering supervisory board confirmed Veskimägi for a new term as Elering CEO this spring.

Enquiries:

Taavi Veskimägi

Chairman of Management Board

Tel: [phone]

E-mail: [e-mail]

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August 05, 2019 03:12 ET (07:12 GMT)