Energy, Energy Market, Estonia, Labour-market

International Internet Magazine. Baltic States news & analytics Monday, 13.07.2020, 02:37

Estonia: Eesti Energia terminates contract of CEO of Latvian subsidiary Enefit

BC, Tallinn, 22.11.2019.Print version
Enefit SIA, a Latvian subsidiary of the Estonian state owned energy company Eesti Energia, terminated the contract of CEO Janis Bethers as member of the management board due to loss of confidence, informed LETA/BNS.

"Eesti Energia, the owner of Enefit, and I had very different visions of business development and corporate governance, and we were unable to reach agreement on further cooperation," Bethers, who had been running the company for 11 years, said.

Representatives of Eesti Energia, in turn, told LETA/BNS that the reason for the termination of Bethers' contract was loss of confidence caused by violations of Eesti Energia's internal rules.


"Eesti Energia, the owner of Enefit, and I had very different visions of business development and corporate governance, and we were unable to reach agreement on further cooperation," Bethers said.


Enefit shareholder and Eesti Energia CEO Hando Sutter said that further cooperation with Bethers was impossible.


Enefit is a respected company that offers a variety of energy solutions in Latvia and is widely trusted by its customers. To maintain the trust earned, Enefit also needs to have impeccable leadership, Sutter said, explaining why Bethers had to go.


Klavs Porikis and Krists Mertens will continue working on Enefit board, Mertens will be the company's acting CEO until a new board chairman is appointed for Enefit. In turn, Indrek Randveer, head of sales and customer operations, will become the new Enefit board member.


Eesti Energia also said that it could not provide further information at this time, as such information was confidential.


Enefit's turnover last year was 59.5 mln euros, up 28.6% from 2017, and the company posted a loss of 2.43 mln euros as opposed to a profit of 1 mln earned in 2017.






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