In order to strengthen the management team of JSC Olainfarm, the Supervisory Council  has decided to appoint a new candidate with international experience in pharmacy for the position of the Chairman of the Board of JSC Olainfarm. The change of the Chairman of the Board is a planned strategic decision in the direction of development of JSC Olainfarm in order to facilitate the acquisition of new markets and increase the international competitiveness of the company.

“Thanks to the management of the current Chairman of the Board, Lauris Macijevskis, the company has embarked on a major change management process that will ensure the company's  long-term development. We highly value L. Macijevskis contribution and experience, which is why we will suggest he continues working for the company. Currently, in order for the company to achieve its goal to become a global player, it is necessary to continue strengthening the Board with internationally experienced pharmaceutical professionals with networks in the EU, this would open up further opportunities for strengthening the operation of  Olainfarm in existing markets as well as rapidly expanding its outlets in Europe and worldwide,” explains Gundars Bērziņš, Chairman of the Supervisory Council of JSC Olainfarm.

In order to facilitate the selection of candidates, Amrop Latvia, a top-level recruitment company with experience in the field, has been engaged.

“My task was to initiate a major change in the company – to create a new internal culture with a horizontal management model and a balanced decision-making structure to take the development of JSC Olainfarm to the next level. The foundation for the change management process has been established and now it is time to act according to the plan - bring in an experienced pharmaceutical professional with an international perspective, to take over the position of the Chairman of the Board. I will continue my work on the Board of JSC Olainfarm in close cooperation with the management team,” emphasizes Lauris Macijevskis, Chairman of the Board of JSC Olainfarm.

Recently, a new Director of the Finance Department, Jana Gridasova, has also joined Olainfarm's senior management team. With more than 15 years of experience in the financial sector, J. Gridasova manages and organizes budget planning, financial resource flow, makes necessary changes in financial management processes, to increase efficiency and develop necessary competencies within the company.

Lauris Macijevskis will continue to work as the Chairman of the Board until a new manager is selected through tendering. The international tendering process for the position of Olainfarm Chairman of the Board is planned to be completed by the end of October. After appointing the new Chairman of the Board, Lauris Macijevskis will continue his work on the Board of JSC Olainfarm.

As reported before JSC Olainfarm preliminary consolidated results for July 2019 indicate that revenues increased by 14% compared to the same month last year and reached 9.5 million euro. At the same time consolidated results for the first seven months of 2019 show that revenues reached 75.9 million euro which is an increase by 8%, compared to the seven-month period of 2018. Positive tendencies are observed in all the main markets – Latvia, Russia, Belarus and Ukraine. Products of Olainfarm Group during this period were sold in 54 markets worldwide.

JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with more than 45 years of experience in production of medication and chemical and pharmaceutical products. A basic principle of company's operations is to produce reliable and effective top-quality products for Latvia and the rest of the world. Products made by the Group are being exported to more than 60 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.

Additional information:
       
Jānis Dubrovskis
Investor Relations Advisor of JSC Olainfarm
Ph.: +371 29178878
janis.dubrovskis@olainfarm.com