AUGA group, AB aims to ensure successful implementation of a tech-sharing business model by planning changes in the board composition and CEO position
15 Septiembre 2023 - 9:32AM
AUGA group, AB aims to ensure successful implementation of a
tech-sharing business model by planning changes in the board
composition and CEO position
On 15 September, 2023, after a careful
evaluation of the managerial needs associated with the
transformation towards a technology-sharing business model, the
AUGA group, AB (hereinafter the Company) Board, in agreement with
the Company’s CEO Kęstutis Juščius, has proposed to renew the
structure of the Board. It has been proposed to call an
Extraordinary General Meeting (hereinafter EGM) on 7 November,
2023, to revoke the current Board and elect new members, where the
Board puts forward two candidates – the current CEO Kęstutis
Juščius and an independent member of the present Board, Andrej
Cyba.
To be able to accept the nomination and comply
with legal framework, whereby the law does not allow the CEO to
simultaneously serve as a Board member, the CEO, Kęstutis Juščius,
has taken the decision to step aside from his current role,
effective on 6 November, 2023.
"The implementation of a tech-sharing business
model is a new phase in the Company's operations, demanding even
more knowledge and commitment. Therefore, I need to focus on the
development and expansion of sustainable farming technologies.
Given the need to maintain the highest governance standards for the
group's business segments, we will look for the most outstanding
candidates for the new CEO of AUGA group, AB," - comments Kęstutis
Juščius on the situation. In order to ensure a smooth transition,
Kęstutis Juščius will remain fully committed to address any arising
business needs. The new Board will be responsible for appointing a
new CEO.
"Since 2019, the independent Board has come a long way
with the Company. In 2020, the Board approved the Company's AUGA
2025 strategy, with the ultimate objective to make a positive
impact of the food value chain and share sustainable technologies
with farmers. During this challenging and intensive period, ground
projects essential for the successful implementation of the
strategy were carried out: a new organizational structure was
established, a portfolio of green farming technologies was
crystallised, a hybrid electric and biomethane-driven tractor was
introduced, and a more sustainable organic food products for
consumers were launched.
We have found now to be the right time to review
the Governance of the Company," says the chairman Dalius
Misiūnas.
"As we conclude the essential preparatory phase
for further technology business expansion, I am grateful to the
Company's board for their significant contribution to the said
strategic projects and for cultivating good governance practices
within the Company," states the Company's CEO Kęstutis Juščius.
The announcement pertaining to additional
information about the EGM will be provided in a separate stock
exchange announcement.
CEO of AUGA group, AB Kęstutis Juščius +370 5 233 5340
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