Maxima Grupė announces management changes

Vilnius, Lithuania, 2017-Feb-11 — /EPR Retail News/ — Once Alvydas Šustikas decided to leave Maxima Grupė managing retail companies in Lithuania, Latvia, Estonia, Poland and Bulgaria, the Board of the company appointed a new CEO and a Chairman of the Board. Since 8 February, Robertas Čipkus, Director of Finance of the company, will be appointed the CEO of Maxima Grupė and board member of Maxima LT. Petras Jašinskas, a member of the Company’s Board, was elected the Chair of the Board of Maxima Grupė. Legal Director Eugenijus Filonovas was also appointed to the Board of Maxima Grupė.

“We are very grateful to Alvydas Šustikas for his contribution and professionalism in the development of the group’s activities and the launched new stage of its transformation” – said the Chair of the Board of UAB Vilniaus Prekyba Raimonda Kižienė.

According to R. Kižienė, Maxima Grupė will continue its role as a consolidating institution; however, its role in the organization of Maxima business will change, because the company’s activities are moving closer to the business taking place in each country. “After the governance reform, we can coordinate and adopt more decisions in supervisory institutions established in Lithuania, Latvia and Estonia, where to managers of Maxima Grupė have also been delegated” – said R. Kižienė.

UAB Vilniaus Prekyba started changing the governance of its subsidiaries in December of last year. Boards were formed or renewed in Vilniaus Prekyba Group companies Maxima Grupė, Maxima LT, Maxima Latvia, Maxima Eesti, Euroapotheca, Akropolis Group, Ermitažas and Franmax. The aim of the change is to improve corporate governance by delegating members of the Board and CEOs of parent companies to boards of subsidiaries. This step is also aimed at ensuring sustainable development of companies and increasing their performance efficiency.


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Source: Maxima Grupė

Maxima Grupė acquires Barbora the largest e-commerce company in Lithuania

Vilnius, Lithuania, 2017-Jan-17 — /EPR Retail News/ — Maxima Grupė that manages retail chains in Lithuania, Latvia, Estonia, Bulgaria and Poland, has acquired the largest e-commerce company for food and other products in Lithuania – Barbora. This grown-up and developed start-up, delivering Maxima goods in Vilnius, will be integrated with other Maxima Grupė’s e-commerce companies in Latvia and Estonia.

This deal will not affect Barbora’s quality of service, assortment of products or price. Successful management team will continue to lead the company.

“Barbora is a leader in its field. It has developed justifying business model, loyal customers’ base and high consumer trust.  Generally, we believe that e-commerce business is up-and-coming. We see this in Latvia and Estonia where e-commerce channel is consistently growing,” says Alvydas  Šustikas, Maxima Grupė’s Chairman of the Board and CEO.

“Experience of Barbora demonstrates that separately developed e-commerce field grows faster. Thus, Barbora will operate as a separate business unit in Maxima Grupė and we want to continue strengthening it. We are going not only to expand into other cities in Lithuania, but also integrate into Barbora’s activities already working e-Maxima’s companies in Latvia and Estonia,” says A. Šustikas.

According to A. Šustikas, Barbora and Maxima LT have formed a strategic partnership so acquisition of former company is logical solution helping to achieve greater synergy in business.

“Approximately 90% of all startups fail because of self-destruction. This means that the biggest part of startups goes bankrupt not because of market conditions or lack of success, but because of their developers’ lack of preparedness, bad business decisions and improper assessment of the risks. Also, very important factor is proper evaluation of the startup development phase,” – one of the Barbora’s founders Ignas Staškevičius explains decision to sell the company.

“Barbora’s increase over the past few years is impressive. This is a great example of how to develop a small, dynamic company and refine its business model. Currently, Barbora covers only Vilnius area, but it is clear that quality of new development stage has been reached and now there is a need to expand the company’s business geography. At this stage of expansion we need to reach scale effect and for that we need greater capital and full backing. Therefore, the decision to sell the company has been made“, I. Staškevičius says.

Maxima Grupė acquired 100% shares of JSC Radas controlling 100% of company Barbora. These shares were sold for the market price set by independent asset valuation by Nerijus Numavičius controlling JSC Tema Holdings and Ignas Staškevičius, controlling JSC Kalpa. 95% and 5% of shares were owned by the shareholders accordingly.

The value of the transaction is 1.4 million EUR.

Media relations:
Jaunius Špakauskas
Head of Corporate Affairs
T: + 370 5 219 6207
M:  +370 659 01995

Source: Maxima Group

Alvydas Šustikas to succeed Neringa Janavičiūtė as as CEO of MAXIMA GRUPĖ

Vilnius, Lithuania, 2016-May-17 — /EPR Retail News/ — Alvydas Šustikas will take over as CEO of MAXIMA GRUPĖ controlling retail chain MAXIMA in Lithuania and retail chains in Latvia, Estonia, Poland, and Bulgaria from May 21. He will replace current CEO of MAXIMA GRUPĖ, Neringa Janavičiūtė, who is leaving the group of companies.

‘I have gone a long and interesting way in the companies of MAXIMA, and by completing my work here, I may summarize that the companies of the Group operate steadily, and the foreseen plans and projects are implemented. Over the last few years, I think, we successfully achieved the key goals set by the shareholder. I am leaving the office calmly and with a strong belief in the team which will now hold the helm of MAXIMA’, said N. Janavičiūtė.

‘I thank Neringa Janavičiūtė for her many years of work at MAXIMA GRUPĖ and other associated companies, and wish her good luck in her future work. Many new and continuous challenges lie ahead for the new CEO, the most important of which are to increase the business competitiveness, strengthen the positions in the foreign markets, and continue to implement the contemporary model of business management in all companies of the group’, said Raimonda Kižienė, CEO of Vilniaus prekyba, UAB, which is the shareholder of MAXIMA GRUPĖ.

For the last four years, new CEO Alvydas Šustikas headed the company Azeri Retail established by the Austrian Investment Fund EMSA Capital which controls the Azerbaijani retail store chain Fresco. Before then, for eight years, he had held various leading positions in the retail store chain RIMI Lietuva; and for two years in the trade company Ekovalda.

A. Šustikas graduated in Business Management at Vilnius Gediminas Technical University, had an internship at Ahold Retail Academy of the Netherlands.
The changes concern only the holding company, and companies in the local market continue their operations as usual.

MAXIMA GRUPĖ, UAB is a controlling company registered in 2007, which currently consolidates retail companies in Lithuania, Latvia, Estonia, Bulgaria and Poland. 528 stores of Maxima X, Maxima XX, Maxima XXX, Aldik, T-Market operate in them: in Lithuania, 232 stores operate, in Latvia – 148, in Estonia – 74, in Bulgaria – 48, in Poland – 26. More than 31 thousand workers are employed in the Companies of the Group.

More information:
Giedrius Juozapavičius
Corporate Affairs Manager | Maxima Grupė