Kęstutis Bagdonavičius to become the new CEO of Modus Group
Effective 1 April, Kęstutis Bagdonavičius, PhD will become the new Board Member and CEO of Modus Group. He will replace Liudas Liutkevičius who has been holding this position for 3 years and who will continue serving on the Board. K. Bagdonavičius will also be nominated to become Chairman of the renewed Modus Group Board.
Until 31 March, K. Bagdonavičius will remain a member of Germany’s ERGO International Management committee, that is owned by insurance group ERGO Group AG. To the aforementioned date, he will also lead the international projects’ division ERGO International. He had been working at ERGO Group AG in different managerial positions for more than 25 years.
K. Bagdonavičius had been a member and a chairman of the Supervisory Board at Modus Group companies for more than 11 years. Effective today, he is resigning from the position of the Modus Group Supervisory Board member.
“I appreciate to be entrusted with the opportunity to lead the exponentially growing Lithuanian capital group of companies that already operates in 12 markets and has high ambitions. I believe that my long-term international experience will be valuable while fulfilling growth ambitions, especially keeping in mind that I had an opportunity to follow the Group’s activities as a member of the Supervisory Board for many years. The primary goal of our team is to ensure further sustainable growth and transparent governance of Modus Group, as well as to strengthen our leadership position in renewable energy and innovative mobility services areas as they will remain the strategic priorities for the Group,“ says K. Bagdonavičius, the new CEO of Modus Group.
K. Bagdonavičius graduated from Vilnius University, where he studied economics and received a PhD in the field. He has a postgraduate degree in economics from the University of Hamburg (Germany), also studied at the University of St. Gallen (Switzerland), Boston Business School (the USA), IMD (Switzerland), Singularity University in Silicon Valley and Wharton School of the University of Pennsylvania (the USA).
L. Liutkevičius, who has been leading Modus Group for 3 years, will continue working in the Board of Modus Group. He will supervise the Group’s automotive business and will be responsible for looking for business growth opportunities in new areas.
“My goals as the CEO of Modus Group were to form a solid base that would ensure rapid and sustainable growth of business, also to strengthen governance. During the last 3 years, the Group grew in many aspects. Today we are an international business, our team is comprised of almost 800 people in 12 countries, our geography of activities expanded to new markets – including Poland, Italy, Spain, Ukraine, Romania and Hungary. During this period, revenue and EBITDA of the Group also grew significantly. We are entering the rapid growth stage, in which K. Bagdonavičius’ international experience will be very valuable. In turn, I will continue contributing to the further business growth of the Group,“ says L. Liutkevičius.
Effective 1 April, the composition of the Modus Group Board will also change.
Shareholder’s family members Ainė Martinkėnaitė-Martyniuk and Oleg Martyniuk will no longer serve as members of the Board. They will focus on the Group‘s long-term vision and strategy. Erika Zakarauskienė, who joined Modus Group as CFO in September 2019, will be appointed to the Board. Ruslanas Sklepovičius and Giedrius Audickas will also continue working in the Group’s Board and will respectively be responsible for renewable energy and mobility businesses. The renewed Board of Modus Group will be comprised of K. Bagdonavičius, L. Liutkevičius, E. Zakarauskienė, R. Sklepovičius and G. Audickas.
Simon Rozas, an independent member of the Supervisory Board, was appointed as the Chairman of the Supervisory Board. Other members – Vytautas Paukštys (an independent member), Saulius Umbrasas (an independent member), Modus Group founder and the sole shareholder Kęstutis Martinkėnas and Jolanta Martinkėnienė will continue serving on the Supervisory Board.