On 1 December 2008, the board of directors of largest agricultural investment and development company in the Baltic States Agrowill Group AB elected new chairman of the Board – Mr. Gediminas Žiemelis. Also, Mindaugas Juozaitis was appointed as the new General Director of the Company.
On 28 of November 2008, the Supervisory Council of Agrowill Group AB approved the new composition of the company’s Board of Directors. In place of Valentas Šulskis and Robertas Čepaitis, who left the Company to continue their careers in other industries, Mindaugas Juozaitis (a significant shareholder owning more than 5% of the Companies shares) and Vladas Bagavičius (Companies legal counsel) were elected.
“The goal of Agrowill Group – to increase the value of managed companies by employing the most effective management methods and know-how. Until favorable conditions to obtain bank financing existed – the Group focused more on expanding via new acquisitions” – said the Chairman of Supervisory Council Mr. Ramūnas Audzevičius. According to him, taking into account the situation in the financial markets the Supervisory Council recommended the company to slow the investment program, while currently focusing more on increasing the production efficiency and reaching at least 60-70 percent of the current infrastructure potential.
According to the new Director M. Juozaitis, the Company plans to present the plans on personnel and costs management, and increase of crop growing and milk producing efficiency. The new general manager believes that the economic slowdown will not influence the operations of the Group significantly, as the products produced by the Company (milk and grain) will always be needed by the people.
Domantas Savičius
CFO
8-5 233 5340