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2020 04 03

Changes in Supervisory Board and Management Board

Birutė Čepanskienė, a member of the Management Board and Chief Commercial Officer will be replaced by Ieva Galvydiene starting from 1st April. B. Čepanskienė is leaving the Board due to personal circumstances.

I. Galvydienė has great experience in the tourism industry, especially in sales and commerce. She has been with the Novaturas Group for 13 years and has been leading the Sales department in Lithuania for 8 years, also coordinating commerce in other markets. Since November 2019, I. Galvydienė has been heading the Aviation Division at Novaturas Group.  

The Company continues to follow the strategy of having long-term executives with excellent know-how, multiple years of experience in the tourism market and a comprehensive knowledge of the products on offer.  

The Management Board of the company consists of three members who are elected for three years. Audronė Keinytė, CEO of Novaturas Group is the chairman of the Board. Tomas Staškūnas, CFO of the Company, also serves on the Board.  

Vidas Paliūnas was elected Chairman of the Supervisory Council today. He replaces Sebastian J. Krol, who left the Supervisory Council in February. Vidas Paliūnas participated in the creation of Novaturas Group, when three travel agencies operating at the time were merged. V. Paliūnas was the CEO of one of them. In 2009-2018, he was a member of Management Board and as of February 2018 he was a Supervisory Council member.  

Other members of the Supervisory Council are Ugnius Radvila, and independent members Piotr Nowjalis and Franz Leitner.

About Novaturas Group

Novaturas Group is the leading tour operator in the Baltics states. Since 21 March 2018, Novaturas shares have been dual-listed on the Warsaw Stock Exchange and on Nasdaq Vilnius.  

Novaturas was established in 1999, became the market leader in the Baltics in 2004. Aside from the Baltics, Novaturas has begun offering its products in Belarus, where they are retailed through local partners.  

Novaturas continues to attract new clients thanks to its attractive and diverse offering and the high quality of its services. The Group offers both summer and winter package holidays as well as sightseeing tours by coach or plane to more than 30 destinations worldwide, including the most popular holiday resorts in Southern Europe as well as select locations in North Africa, the Middle East, Asia and Latin America.  

The Group's strategy also aims to retain diverse and complementary distribution channels. Novaturas works with over 400 travel agencies, including all of the major agencies in the Baltics. It also operates retail offices of its own in main cities of Lithuania, Latvia and Estonia, and is investing in further development of its e-commerce channel.  

The Company’s asset-light business model, which is characterized by strong cash flows from operating activities and low capital expenditures, allows it to pay out a large part of its earnings to shareholders. Paying regular dividends is one of the key elements of the Company's strategy. Every year the Management Board expects to propose for distribution 70-80% of the Company’s net profit.