Press release: After successful kick-off of the turnaround Baltika Board hands management over to new CEO and Chairman of the Board
After successful kick-off of the turnaround Baltika Board hands management over to new CEO and Chairman of the Board
Baltika’s CEO Mae Leyrer and Board member Maigi Pärnik-Pernik have successfully completed the company’s first turnaround stage and will, in coming months, hand management of Baltika to a new Board whose key focus will be on increasing the top line. As of April, Baltika’s new CEO and Chairman of the Board will be Mr. Flavio Perini, who brings on board extensive international fashion industry experience, which is crucial for the success of the next steps.
According to the company’s Supervisory Board Chairman, Jaakko Salmelin, the first crucial steps of Baltika turnaround have been completed successfully and the company managed to decrease fixed cost by 1.1 million euro, upgrade the product development process, optimize brand and shop portfolios and refresh the brands positionings. “The next steps of the turnaround assume very specific international fashion industry competence, and as such current management has honorably decided to hand execution over to the new team,” said Salmelin.
According to Leyrer, changes that have been carried out within the past year, set groundwork for the success of the turnaround. “I joined the company last year on a 14-month contract, taking into account that this is a sufficient period for first stage execution, focusing first and foremost on business model’s adjustment through fixed cost optimization. I will hand the management over to new Board with full confidence,” said Leyer, adding that her current set-up of living between two countries is not sustainable for extensively long periods.
Maigi Pärnik-Pernik has contributed to the company’s management for eight years. Her current contract expires in March and she will extend it for two months to execute management hand-over together with Leyrer.
Salmelin sheds light to the new Chairman of the Board, Flavio Perini, who has lived and worked in Italy, Poland, as well as in France and who possesses extensive international fashion industry experience. “Flavio Perini has more than 20 years of fashion industry and company’s restructuring experience. I am happy to see Flavio joining Baltika’s Board,” noted Salmelin.
Flavio Perini has worked in many international companies – Original Marines, SMYK, Prenatal SPA, Artsana Group SPA, Levi Strauss & Co, Okaidi Italy, Jacadi Paris and H&M. He is an expert in restructuring business, turnaround process, change management and also international brand development in particular in Eastern Europe, Middle East, Asia and South America.
“I am very happy to join Baltika’s team and to be part of this great challenge. My aim and commitment is to re-launch and to reinvent the Baltika brands offer, to be able to deliver to all customers an innovative, modern and unique customer experience” said Perini, who is in process of moving to Estonia with his family.
Under Perini’s leadership remaining Baltika Board will be comprised.