Appointment of new CEO of Eesti Energia

Supervisory Council meeting held on 2 October 2014 passed the resolution subject to which Mr Hando Sutter was appointed as the new Chief Executive Officer and Chairman of Management Board of Eesti Energia until 30 November 2017, effective as of 1 December 2014.

Supervisory Council made this decision after having considered a variety of candidates, with competition organised by Ariko Reserv, an Estonia-based human resource consultancy. Mr Sutter was deemed best suited to take the group forward in the next phase of development. Additional members of Management Board will be appointed in due course following a recommendation by Mr Sutter.

Chairman of Supervisory Council Erkki Raasuke expressed his gratitude to Mr Sandor Liive for 16 year tenure in Eesti Energia Management Board, first as a group CFO and thereafter the CEO of Eesti Energia. His leadership has been instrumental in increasing group value and transforming Eesti Energia to a modern energy company.

Hando Sutter has since 2010 served as the regional manager of Nord Pool Spot power exchange in the Baltics and Russia. He has previously worked in ESS Group (renamed to G4S Estonia), Tolaram Investments, Olympic Entertainment Group and US Invest. He has a degree in mechanical engineering from Tallinn Technical University and has taken a course in business administration from Estonian Business School.