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2023 12 12

Kristijonas Kaikaris will head Novaturas Group

Novaturas Group, the leader in the Baltic tourism market, announces a new CEO. Kristijonas Kaikaris, who has extensive experience in managing international IT, aviation and transport companies, will take up the position of the company's CEO on 13 December this year. He will replace Vitalij Rakovski, who has been in the role until now. 

"We congratulate Kristijonas Kaikaris on joining Novaturas Group. We believe that his wide experience in leading international organizations, knowledge of aviation, tourism and technology markets, and personal qualities will be of particular value in further strengthening the company's position in the Baltics and in delivering value to customers, partners and shareholders," notes Gediminas Almantas, Chairman of the Board of Novaturas Group.

"I am honoured to become a part of the leading Baltic tour operator. I appreciate the trust and confidence of the Novaturas Board. I am very enthusiastic about joining the company's team, as I see the tourism sector as dynamic and very exciting for me personally. At the same time, organized tourism has a great potential for the adoption of digital solutions. I have no doubt that my experience in the technology industry could help in creating new digital experiences in the Novaturas Group," says Kristijonas Kaikaris.

For the past three years, Kaikaris has been the CEO of CityBee, a car-sharing company. Before that, he was CEO of charter airline Small Planet Airlines for almost three years. Kaikaris has worked in the IT sector for a large part of his career, having spent four years in charge of the Lithuanian offices of international technology companies Microsoft and Oracle, as well as President and Member of the Board of the association Infobalt, and worked in the sales department of IBM. In Lithuania, the new head of the Novaturas Group is also known as a book author, active traveller and a Formula 1 enthusiast - he has been a commentator on the sport on TV for a long time.

The Chairman of the Novaturas Group Board also thanked Vitalij Rakovski, CEO of the Group, who has been in charge of the company since the beginning of 2022.

"We are grateful to Vitalij for the last two years and for the important role he has shown in leading the Group through a challenging period of recovery in the tourism market. Together with all the team, he has been an important contributor to Novaturas' return to profitability and growth. We wish Vitalij the best of luck in his future plans," said G. Almantas.

"I am proud of the results achieved with all Novaturas team. Over the past two years, we have not only overcome the effects of the pandemic but also successfully strengthened the trust of travelers. Additionally, we have attained solid financial results. The company is ready for further sustainable growth," adds Mr Rakovski.

Novaturas Group is the largest and the only charter flights local tour operator in the Baltic States, offering summer and winter trips to more than 30 destinations worldwide and more than 100 tours. In 2022, the company served 267,000 passengers. In the first nine months of this year, Novaturas Group generated revenues of EUR 166.8 million (+7.6% compared to the same period last year). The company's nine-month EBITDA amounted to EUR 7.9 million and net profit to EUR 6.4 million.