Tallinn Airport CEO Rein Loik resigns

29.02.2016

Tallinn Airport’s long time chairman of the management board Rein Loik has resigned from his position, the supervisory council of the airport approved the application effective from March 1st. A public competition will be held to select the new chairman of the board.

Rein Loik, who has been the CEO of Tallinn Airport since 1998, said that the motivation for his resignation stems from his desire to considerably reduce his workload. „Without even noticing it myself, I have reached the age of retirement and now is the right moment to pass on the torch to someone else,“ explained Loik. „The airport has grown significantly during the past 17 years and today we are standing on the verge of the next major development phase, as the airport is about to embark to on a very extensive construction period that will require the CEO to give 150 per cent of his energy. I know for certain that all preparations for the development phase have been progressing as planned and I can leave the intensive project management phase to a younger manager with complete ease of mind,“ added Loik.

Tallinn Airport’s supervisory council approved the resignation request of CEO Rein Loik on February 29th and declared a public competition to seek a new board member for the company.

Tallinn Airport’s supervisory council chairman Margus Puust said that Rein has managed to build a very strong team at the airport and the company has been very successful under systematic management, where all processes work effectively and the fulfillment of the company’s operating goals continues according to the chosen strategy. „I commend Rein for his enormous input and dare say that Tallinn Airport is today one of the best managed state-owned companies in Estonia,“ said Puust. Tallinn Airport’s passenger volumes reached an all-time second best level last year, exceeding 2.16 million passengers. The group’s profit in 2015 was 5.15 million euros and total revenue 33.8 million euros, improving respectively by 5.8 and 6 per cent.

„As per Rein’s request, the supervisory council decided to satisfy his resignation, effective from March 1st,“ added Puust.

Tallinn Airport will continue with two management board members until the new chairman is selected via public competition. The management board comprises of CFO Anneli Turkin and COO Einari Bambus, the latter will serve as interim chairman until the new chairman is selected. The public competition to fill the third management board position will be announced in March.