Published: 2016-10-26 09:35:31 CEST
Harju Elekter
Changes board/management/auditors

Changes in the Management Board of AS Harju Elekter

Estonia, 2016-10-26 09:35 CEST -- Due to the continued expansion and internationalisation of Harju Elekter Group and the need to develop the management structure of the Group, as well as based on the suggestions of the Corporate Governance Recommendations, the Supervisory Board of the company has, at their regular meeting held today, decided to expand the membership of the Management Board of AS Harju Elekter to three members.

Andres Allikmäe, the former manager of the public limited company, will be appointed as the Chairman of the Management Board and will continue on the basis of the current service contract and authorisations. In addition, Tiit Atso and Aron Kuhi-Thalfeldt will be appointed as members of the Management Board, with their authorisations beginning on 1 November 2016 and ending on 31 October 2019.

Tiit Atso has been working as the CFO of AS Harju Elekter since 2014 and has obtained higher education at the Faculty of Economics of the Tallinn University of Technology. Aron Kuhi-Thalfeldt has been working at AS Harju Elekter as the Head of Real Estate and Energy Services since 2003 and has obtained higher education at the Faculty of Power Engineering of the Tallinn University of Technology.

The precise areas of responsibility of the members of the Management Board will be established with the decision of the Supervisory Board and with the work regulations of the Management Board. The CVs of the members of the Management Board will be published on the website of the company.

Harju Elekter is the leading MV/LV electrical and engineering devices producer in the Baltic countries as well as well-known and respected company in Scandinavia. Harju Elekter Group includes manufacturers of electrical equipment in Estonia, Finland and Lithuania: AS Harju Elekter Elektrotehnika (100%), Satmatic Oy (100%), Finnkumu Oy (100%) and Rifas UAB (100%), as well as the telecommunications products manufacturer AS Harju Elekter Teletehnika (100%) in Estonia and recently purchased real estate holding company Harju Elekter Kiinteistöt Oy (100%). In addition, AS Harju Elekter has financial investments in the Latvian electrical equipment sales company SIA Energokomplekss (14%), Estonian ultra-capacitors developer and manufacturer Skeleton Technologies Group OÜ (10%) and in the Finnish publicly listed company PKC Group Oyj (5%).

Endel Palla
Chairman of the Supervisory Board
+372 674 7400


Prepared by
Moonika Vetevool
Corporate communication and investor relations manager
+372 671 2761