Lithuania, Markets and Companies

International Internet Magazine. Baltic States news & analytics Saturday, 21.09.2019, 18:46

Sologubas replaces Ceika as CEO of Lithuania's Snaige

BC, Vilnius, 11.09.2019.Print version
Snaige, the only refrigerator manufacturer in the Baltics, indirectly controlled by Russia's Polair, said on Wednesday its CEO of the past 12 years Gediminas Ceika has stepped down and the company's board appointed its incumbent CFO Mindaugas Sologubas as the new general manager of the company, informed LETA/BNS.

Sologubas will assume his new position on September 21, the company announced via the Nasdaq Vilnius Stock Exchange.

Such a decision was made after Ceika decided to take on new challenges, and his departure was approved by the board, Snaige said.

Mindaugas Sologubas has been Snaige's CFO since 2014. Earlier, he was head of Ukrainian company Ligris.

Snaige trimmed its first-half net loss to 346,000 euros, down from 1.095 mln euros in the same period last year. Consolidated revenue fell by 6.6%  y-o-y to 15.7 mln euros.

Polair's indirectly controlled Cyprus-registered company Sekenora Holdings owns 91.1% of Snaige, and Hymana Holdings is Sekenora Holdings' ultimate shareholder.

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