Latvian Ministry of Transport and the council of airBaltic have agreed to dissolve the existing airline council on the 11th of February, according to the statement released by the ministry on Monday evening.
The current council consists of Klāvs Vasks, Andris Liepiņš, Kaspars Ozoliņš and Lars Thuesen. The first three will leave the council. It was planned to evaluate the council’s work on Tuesday, the 21st of January, at an airBaltic shareholders meeting. However, the evening prior the Ministry of Transport released an announcement of the council’s dissolution.
The agreement between the parties stipulates that the current council will continue performing its duties until the next shareholders’ meeting on the 11th of February in order to “ensure a responsible and organised transition of the company’s management.” At the February shareholders’ meeting, it is planned to elect a new council.
The agreement on the dissolution of the council was signed by airBaltic Council Chairman Klāvs Vasks and council members Ozoliņš and Liepiņš.
“I expect the process of attracting a strategic investor to be completed in the coming weeks. For his part, the shareholder has taken all the necessary legal actions to successfully conclude the process. After the conclusion of this agreement, airBaltic will begin the next phase of development, for which the company’s new council will be responsible,” said State Secretary to the Ministry of Transport Andulis Židkovs.
Vasks believes the departing council has done a great deal of work, helping to prepare airBaltic for the next phase. The first stage of this new phase will conclude with the strategic investor’s investment into the airline’s capital.
“Our main task has been to raise capital to ensure the company’s business plan and further growth. The Council’s work has ensured respect for the principles of good corporate governance, ensuring transparency and protection of the interests of all parties involved. Shareholders and the council have made all the necessary preparations so that the transaction with the strategic investor can be concluded,” added Vasks.
The Ministry of Transport has already commenced the selection procedure to elect new council members “to continue further developing achieved progress and support airBaltic’s strategic goals”.
Minister of Transport Kaspars Briškens previously stressed that airBaltic is a strategically important, exporting company that contributes to the aviation industry and Latvia’s entire economy. For the company to continue growing, its management has promised to attract EUR 300 million for the implementation of its private business plan.
“We must keep our promises and, if circumstances change, there must always be a clear Plan B. We evaluate the work of the council and, in particular, its chairman Vasks on the basis of results, correct and timely communication and the ability to manage the company even in challenging times,” Briškens wrote.
2025 began for airBaltic a shocking announcement – the airline will have to cancel flights to 19 destinations this summer season due to delays with aircraft maintenance. This means a total of 4 670 flights will be cancelled.
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