Management team proposed to Supervisory Council

Management team proposed to Supervisory Council

Mr Hando Sutter will assume duties as the CEO and Chairman of the Management Board of Eesti Energia from 1 December 2014. Mr Sutter has proposed that the new Management Board would include existing members Mr Raine Pajo and Mr Margus Rink as well as new members Mr Margus Vals and Mr Andres Vainola. In addition, Hando Sutter has proposed appointing Mr Andri Avila as the new Chief Financial Officer of Eesti Energia. Tenure of Eesti Energia’s current Chief Financial Officer and member of Management Board Mr Margus Kaasik will not be extended and he will leave the company from 1 December 2014.

The Supervisory Council is expected to reconvene next week in order to adopt an official resolution regarding the appointment of the proposed management team. Further comments on the division of responsibilities between members of Management Board will be disclosed thereafter.

Margus Vals currently works as the Director of Strategy in Eesti Energia. He joined Eesti Energia in 2002 and has previously served as Director of Energy Trading and Head of the Management Accounting Department in the company. He has graduated from London Business School with a Master’s degree in Finance and from Tallinn Technical University with an undergraduate degree in Economics.

Andres Vainola joins Eesti Energia from Empower Group, a company offering electricity and telecom networks construction and maintenance services as well as maintenance services to power plants and factories in Nordic and Baltic countries. He has worked in various executive positions in the group since 1997, most recently since 2008 as the Member of the Empower Group Executive Team and the Head of the Baltic Division. He has also served from 2004-2014 as Member of Supervisory Council of Eesti Liinirongid AS (state-owned enterprise which operates passenger rail traffic in Estonia). Mr Vainola has graduated from Tallinn Technical University with a diploma in business administration.

Andri Avila worked in 2001-2009 as the Chairman of the Management Board, Chief Financial Officer and Chief Operating Officer of Olympic Entertainment Group, a publicly listed leading casino and resort operator in 7 countries. He has also served as Member of Management Board and Chief Financial Officer of food processing company Premia Foods. Mr Avila has graduated from Concordia International University in Estonia with a degree in business administration.