Madis Toomsalu expresses will to resign as CEO of LHV Group
Madis Toomsalu, the Chairman of the Management Board of AS LHV Group, has informed the company’s Nomination Commitee and the Supervisory Board of his will to resign by the fall of this year. Preparations are underway to find a new Chairman of the Board for the financial group.
Mr Toomsalu has worked in LHV since 2007 when he arrived as an intern. He became the first credit analyst in LHV Pank and afterwards led the field as Head of Credits and Chairman of the Credit Committee. Since 2016 he has held the position of Chairman of the Management Board of LHV Group. Additionally he is the Chairman of the Supervisory Boards of AS LHV Pank, AS LHV Kindlustus, AS LHV Varahaldus and the Chairman of the Board of Directors of LHV Bank Ltd.
Under his leadership LHV's loan portfolio has increased tenfold, reaching nearly EUR 5 billion today. In addition to the rapid growth of LHV Pank in Estonia, LHV Bank, operating in England, and LHV Kindlustus, providing insurance services, have been established during this time. LHV has remained the best bank in Estonia, the most attractive employer, and the company with the best investor relations.
The LHV's Nomination Committee has started the process of finding a new CEO. The roles of the group and its CEO need to be re-mapped, taking into account future challenges. A suitable candidate must be approved by the LHV Group’s Supervisory Board and also by the financial supervision authorities.
"A big thank you to Madis for his invaluable contribution to the development of LHV over the past 18 years. These have been remarkable and successful years. Madis's impact is firmly embedded in today's LHV. We wish him all the best and much success in his new challenges, whatever they may be," Rain Lõhmus, the Chairman of the Supervisory Board of LHV Group commented.
"LHV is a living organism that needs more creativity and inspiration than orders and restrictions. It’s thanks to this approach that we’ve been able to achieve strong results. At the same time, the role of the CEO of LHV Group has changed. Back in 2016, when I started, it was important to understand which regulations needed to be considered when running a banking business. Today, the question is what kind of business can even be done in the context of existing regulations. I believe this role should therefore be redefined, with a new focus on the upcoming technological revolution. Adding to that a previously made personal family commitment, it makes sense to conclude my work and continue observing LHV’s rapid development from the position of a shareholder," Madis Toomsalu commented.
LHV Group is the largest domestic financial group and capital provider in Estonia. The main subsidiaries of LHV Group are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs more than 1,160 people. As at the end of February, the banking services of LHV are used by 462,000 clients, the pension funds managed by LHV have 113,000 active clients, and LHV Kindlustus protects a total of 174,000 clients. LHV Bank, a subsidiary of the Group, holds a UK banking licence and offers banking services to international fintech companies and loans to small and medium-sized enterprises.
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