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Vaidrius Verikas becomes CFO of Novaturas Group

Novaturas Group, the leader in the Baltic tourism market, announces changes in its management team. With a solid track record, Vaidrius Verikas joins the top management as the Group CFO on 2 May. He will replace Vygantas Reifonas, who has been managing the finances of the company for more than a year and will pursue his career outside the organisation.

“I’m confident that Vaidrius Verikas’s contribution will be key to further increasing financial capacity across the Group, as well as developing relationships with the investor community and shareholders, and ensuring sustainable financial returns. Last year, we returned on our road to profitable growth, and with the joining of the new management team member with a wide range of experience in both finance and corporate governance we aim to continue to increase the company’s value and profitability in the dynamic market,” says Kristijonas Kaikaris, CEO of Novaturas Group.

Mr. Kaikaris also thanked Vygantas Reifonas, who has been the Group CFO until now, for a professional and significant contribution to the successful results of the previous year. It should be noted that, according to audited data, Novaturas Group generated revenues of EUR 208.3 mln. in the Baltic States last year, which is an increase of 6%, compared to 2022, and the EBITDA of the company reached EUR 5.5 mln.

Mr. Verikas, the new CFO of the company, worked for almost three years at Omniva, an international company operating the largest network of parcel machines in Lithuania, where he held the position of CFO, and later the position of CEO, and was a member of the Management Board. While working for Omniva, Mr. Verikas contributed to the successful implementation of major investment projects, organisational changes and double growth. Prior to that, the new CFO of Novaturas worked for the audit and tax advisory company PwC for seven years, where he was responsible for financial audit projects of the largest Lithuanian companies, assessment of internal control processes and other financial issues. He has extensive experience in organisational change management and has been recently involved in financial advisory activities. 

“I appreciate the opportunity to join Novaturas that has a long and successful history and is able to maintain its leadership position even in the highly dynamic tourism industry. I believe that my expertise will not only bring new insights to transform certain management processes of the company, but will also contribute to the strengthening of the financial strategy and growth. The key priorities of joining the team would be to build and develop a strong finance team, increase operational efficiency and automation, and manage financial risks,” says Vaidrius Verikas, the new CFO of Novaturas Group. 

The changes in the management team are in line with the goal of the company to further increase financial capacity and profitability, improve operational efficiency, and ensure sustainable financial returns for investors and shareholders. The company will also focus on organisational transformation processes, including the improvement of customer experience, strategic partnerships and the organisational structure of the company. Novaturas is also implementing other organisational changes to strengthen its direct sales and e-commerce tools and to implement data-driven and other technological solutions with increasing quality.

About the company 
Novaturas Group is the largest and the only charter flights‘ local tour operator in the Baltic States, offering summer and winter trips to more than 30 destinations worldwide and more than 100 tours. Based on audited data, in 2023 Novaturas Group recorded revenues of EUR 208,3 million and served 259 000 passengers in Lithuania, Latvia and Estonia.