On 11 February 2025, air Baltic's Annual General Meeting was held, where Andrejs Martinovs and Lars Mydland were elected as new members of the Supervisory Board. Martinovs will lead the interim Supervisory Board as Chairman, while Mydland will serve as Vice-Chairman. The meeting also decided to complete the ongoing process of reducing the company's share capital.
Transport Minister Kaspars Briškens, who is Air Baltic's largest shareholder, stressed the importance of the new Supervisory Board members, who bring extensive experience in aviation and finance. The aim of the new management team is to initiate a period of growth for the national airline and prepare the company for a possible IPO. Minister Briškens stated that Air Baltic creates significant economic value for Latvia and the entire Baltic region.
Andrejs Martinovs brings more than 27 years of experience in financial and investment management. The experienced finance professional will support Air Baltic's strategic priorities with regard to the IPO and strengthening the partnership with Lufthansa Group. Lars Mydland, a proven expert in the aviation industry, will focus on operational efficiency and strategic planning. Both are confident that their expertise can pave the way for a successful future for the airline.