Changes in the Management of Šiaulių Bankas, AB

On 4 August 2022 Šiaulių Bankas AB (hereinafter – the Bank) has received notifications of Algirdas Butkus and Ilona Baranauskienė about their resignation from the Bank’s Management Board members.

18 August 2022 is the last day of Algirdas Butkus’s term of office as a member of the Management Board and as a Deputy of the CEO of the Bank and 30 September is the last day of Ilona Baranauskienė‘s term of office as a member of the Management Board and as a Head of Legal and Administration Division of the Bank.

At the Bank's Management Board meeting held on 4 August 2022, Vytautas Sinius, Chief Executive Officer of the Bank, was elected as the Chairman of the Bank's Management Board and will take up his duties as Chairman of the Bank's Management Board from 19 August 2022.

"I have been involved in Šiaulių Bankas' development, challenges and achievements since its foundation. As the Bank celebrates its 30th anniversary, I believe that it is time for a change, and I have taken the decision that now, with the changing shareholder structure, is the right time for a long-planned withdrawing. I welcome the Management Board's decision to appoint V. Sinius to the position of Management Board’s Chairman, and I have no doubt that the synergy of our colleagues' experience and new ideas will be the next stage of the Bank's sustainable growth and development, bringing maximum value to clients and investors," said Algirdas Butkus.

At the meeting of the Bank's Supervisory Council held on 4 August 2022, Valdas Vitkauskas was elected as the Chairman of the Bank's Supervisory Council, replacing Arvydas Salda, who had been a member of the Supervisory Council and Chairman of the Supervisory Council of the Bank until 4 August 2022, and who had announced about his resignation on 9 June 2022 (). In view of the changes in the members of the Bank's Supervisory Council in 2022, the meeting also reviewed and reconstituted the composition of the committees of the Bank's Supervisory Council. The 2 , T. Okmanas and M. Raila, will take up their duties at the Bank subject to permission issued by the Bank's supervisory authority. 

"On behalf of the entire Bank, we thank the members of the Management Board for their invaluable contribution to the development of Šiaulių Bankas and for their leadership at different stages of its development. Together with the renewed Supervisory Council, we continue to work confidently and, as per usual, we shall inform about the composition of the Bank's Management Board in a separate notice in accordance with the procedure established by law," said Vytautas Sinius.

Additional information:

Jurgita Simanavičiūtė, Head of HR

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