Modus Group revised its governance model:
Ainė Martinkėnaitė-Martyniuk appointed as the new CEO
The international group of companies Modus Group revised its governance model, renewed the Management Board and appointed the new CEO. Starting from August, the latter position will be taken by Ainė Martinkėnaitė-Martyniuk who has been working in the group companies for more than 10 years. She will replace Kęstutis Bagdonavičius, PhD who will continue serving on the Supervisory Board. These changes reflect the first stage of renewed Modus Group governance model implementation. According to it, it is foreseen to give the group companies greater autonomy in the decision making process.
“During the last 5 years, Modus Group has grown significantly. In 2019, its revenue exceeded 500 million euros, while the geography of operations expanded to 12 markets. Planning the further stage of growth, together with the shareholder and members of the management board we have conducted an analysis of the group operations, seeking to crystallize an effective governance model that would meet Modus Group’s international growth plans. Modus Group companies operate in different business areas. Therefore, it was agreed on the governance model that will allow to make decisions independently in each business line rather than on holding company level,” says K. Bagdonavičius, who so far has been taking the position of Modus Group CEO and the Chairman of the Management Board.
Modus Group holding company will continue operating mostly in the areas of finance and risk management and will be responsible for creating common business vision and integrity.
“The renewed Modus Group Management Board is comprised of experienced management team and the shareholder family members who have significantly contributed to the growth of all group’s business lines. Greater autonomy will allow the group companies to make decisions faster and more flexibly. It will also guarantee opportunities for the further growth, as well as enable strengthening the necessary competencies inside each business line. The importance of this was also proven by the COVID-19 pandemic,“ says the future CEO of Modus Group A. Martinkėnaitė-Martyniuk, a daughter of the group‘s founder and shareholder Kęstutis Martinkėnas.
A. Martinkėnaitė-Martyniuk has been working in the group companies for more than 10 years. She has been the Management Board member for 6 years and was responsible for mobility and smart-parking businesses as well as the area of human resources. She graduated from ISM University of Management and Economics (Lithuania) and completed her master’s degree at the University of St Andrews (Scotland). She also studied at IMD (Switzerland) and Singularity University in Silicon Valley (the USA).
The renewed Management Board of Modus Group will be comprised of A. Martinkėnaitė-Martyniuk, Ruslan Sklepovič, head of renewable energy business line, Giedrius Audickas, head of mobility business, Erika Zakarauskienė, the chief financial officer of the group, and Oleg Martyniuk, head of the automotive business. The latter will replace Liudas Liutkevičius, who will continue serving on the Supervisory Board. A. Martinkėnaitė-Martyniuk will be appointed to take the position of the Chairwoman of the Modus Group Management Board.