Andrejs Martinovs.
airBaltic has elected Andrejs Martinovs and Lars Mydland as new Supervisory Board members, with Martinovs to serve as Chairman of the interim Supervisory Board and Mydland as Vice Chairman.
Martinovs, currently Chairman of the Board at IPAS INVL Asset Management, a member of the investment committee at the ALTUM private equity fund and a board member of INVL Open Pension Fund, has over 27 years of experience in the local capital market in asset management, pension fund, and private equity investments, and a background in financial and management. He holds a master’s in economics, banking and finance from the University of Latvia.
“I take on the role on the airBaltic Supervisory Board with a strong sense of responsibility,” said Martinovs. “It is clear to me that the company’s main strategic priorities right now are completing a successful IPO as well as strengthening the strategic partnership with Lufthansa Group. Meanwhile, the Supervisory Board’s key priorities will be improving corporate governance, strengthening the risk management system, achieving financial targets, and containing costs.”
Mydland, a current board member of Swedavia AB and a Special Advisor to the Board at Veling, brings industry knowledge in aviation operations management and strategic planning. He has held previous roles as Senior Vice President and Accountable Manager of Scandinavian Airlines, President of SAS Flight Academy AB, and multiple board positions at the SAS Group. He has also been a consultant at IATA and led the SESAR Performance Partnership Group.
Lars Mydland. Credit: Swedavia
“I am looking forward to working closely together with the rest of the Supervisory Board and Executive Management to prepare airBaltic for a successful IPO,” commented Mydland. “In order to do so, a stable and solid financial platform must be achieved. A cost-effective and flexible operation, including aircraft fleet and maintenance, must be established – all while ensuring the highest level of flight safety, customer satisfaction, and punctuality.”
“The new Supervisory Board brings together outstanding professionals with extensive experience in aviation and finance, and I am pleased that we have established a strong and competent leadership team,” said Minister of Transport Kaspars Briškens. “As the largest shareholder of airBaltic, the Ministry of Transport aims to initiate a new phase of growth for the national airline in preparation for the potential initial public offering (IPO). airBaltic generates significant economic value for Latvia, its citizens, and the entire Baltic region, and I am confident that the new Supervisory Board will ensure the company’s sustainable growth.”
Additionally, following the announcement that Lufthansa Group will be investing in the airline, airBaltic has taken the decision to complete its share capital reduction process, formalising previous changes in the Commercial Register.
