Novaturas Group announces changes to its Board

Novaturas Group, the leader in the Baltic tourism market, announces changes in the company’s Board following the General Meeting of Shareholders. Three members have been elected for a new term of office: Tomas Korganas and Gediminas Almantas, who will join the Board, and Ugnius Radvila, who will continue to work in the Board. 

“I am certain that the diverse and long-standing experience and expertise of the members of the Board will contribute significantly to the successful implementation of the strategy of the company. We foresee the coming period as a period of sustainable growth for the whole Group and an opportunity to make a significant qualitative leap, creating more value for travellers, employees, partners and shareholders. Our goal is to strengthen our leadership in the region in a focused and confident manner,” says Vitalij Rakovski, CEO of Novaturas Group.  

Tomas Korganas, who joins the Board, has over 20 years of experience in international companies and boards, business development, management, mergers and acquisitions (M&A). Mr. Korganas has worked for international companies such as BCG, Goldman Sachs, General Electric, and currently works for the investment company Willgrow, where he holds the position of Chief Operating Officer (COO). He is also a member of the professional mentoring programme “LT Big Brother”, where he shares his experience with motivated young Lithuanians around the world.  

Ugnius Radvila, the founder of Novaturas, who has been working for the company since its foundation, will continue to work in the Board. With many years of management experience in the tourism market, Ugnius Radvila has been a consultant and a permanent member of the Board since 2011, ensuring continuity of work. His priority areas in the new Board will be human resources management and attracting competences, as well as ensuring the focus on sustainability which is one of the company’s strategic areas of activity.

Gediminas Almantas, who has more than 17 years of experience in various companies and whose areas of expertise include organisational governance, good governance, organisational development, crisis management, ethics and building trust in organisations, joins the Board as an independent member. Mr. Almantas previously worked at Copenhagen Airport, held the position of Director General of Lietuvos oro uostai for 4 years, and currently is a member of the Board of Directors and chairs the Audit Committee of Lietuvos oro uostai. As an independent member and chairman, he has extensive experience on other boards as well – Mr. Almantas has been a board member of EPSO-G Group for 7 years and the chairman of the board for 4 years, the chairman of the Lithuanian Red Cross Society for 8 years, and is currently the chairman of the board of LTG Infra. He has been an independent member of the Board of Directors and a member of the Audit Committee of AB Oro Navigacija since 2018. 

Smoother processes and operational efficiency 

In the previous term, the Board of Directors of the company consisted of five members whose experience contributed significantly to maintaining the company’s leadership in the region, as well as to successfully coping with the turbulence in the tourism market caused by the pandemic and the war in Ukraine. 

This year, the Nasdaq Baltic Awards 2023 recognised Novaturas Group as the company that did the best job overcoming recent challenges and managing market change.  Novaturas won the title of “The Challenge of the Year” – an award specially established by Nasdaq Vilnius for the most significant contribution to the development of the Lithuanian and Baltic capital markets. 

The new three-member Board aims to make decision-making even more efficient and flexible, which is a priority for the growing company. It will also help to ensure even greater involvement of the Board members in the strategic processes of the company, while maintaining a balance of different competences.  

It should be noted that Novaturas Group presented a new operational strategy for 2023–2025 this spring. The company has set ambitious plans to grow and strengthen its leadership in the region, focusing on four key areas: technological advancement, improving traveller experience and choice, more sustainable travel and employee engagement.

Vygantas Reifonas

CFO