Estonia, Labour-market, Markets and Companies, Oil

"The owners decided to make a change like this," Linnas told. He said there had been no specific events necessitating the change and that the recalled board members, Kristin Kaasik, Piret Miller and Alan Vaht, continue to work at the company.

Alan Vaht, one of the recalled board members, said it isn't clear at this point what the relationship between Olerex and its former board members will be in the future. He said that right now all three former board members continue working under a contract under the law of obligations, without having the rights of a member of the management board, and each continues to be responsible for their respective field.

"Time will show what decision one or another former member of the management board will make," Vaht said.

He said the decision to recall members of the management board was made by the owners and it's up to them to explain it.

"The change took place in accordance with a renewal of the management structure and the company's development strategy. The strategy of Olerex is directed toward robust growth and in choosing our personnel we want to bring in the best," Linnas said later in his response to a written question from concerning possible next developments at the company.

According to the Commercial Register, owners of Olerex on Jan. 25 recalled members of the management board Kristin Kaasik, Piret Miller and Alan Vaht. On the same day Andres Linnas was appointed as sole member of the board.

The core owners of Olerex AS are Andres Linnas and Antti Moppel with equal stakes of 45.45% owned either directly or via the holding company Aqua Marina. Olerex earned a profit of 1.1 mln euros on sales of 223.5 mln euros in 2015.