The supervisory board of the Port of Tallinn (AS Tallinna Sadam) has decided to extend the contract of CEO Valdo Kalm, who has served in the position since 2016, by another three years, the listed Estonian port operator announced Thursday.
Kalm's next term of office will begin on March 1, 2024 and last through February 28, 2027, according to a company announcement.
Commenting on the decision, Port of Tallinn supervisory board chair Riho Unt said that prior to making its decision, it first conducted a comprehensive targeted search.
"Valdo Kalm was chosen because he has a solid vision and action plan for the future development of the company in the current difficult economic environment and a geopolitical situation full of challenges," Unt explained.
"Valdo's main task is to restore the Port of Tallinn's pre-crisis profitability by implementing the company's strategy for the years 2023-2027 and working toward the launch of new business areas, as well as the achievement of green and digitalization goals," he added.
"We have done thorough preliminary work to restore passenger and cargo volumes and implement future growth projects," Kalm said, confirming his continued motivation to contribute to boosting the port operator's value. "The construction of a new quay at Paldiski South Harbor has begun providing strategic infrastructure to increase Estonia and Europe's energy needs in the construction and maintenance of offshore wind farms as well as to increase Estonia's defense capability."
According to the CEO, an analysis has been conducted regarding supplementing the offshore fleet for servicing offshore wind farms, and the acquisition of new vessels for this purpose is currently under consideration.
"In order to ensure sustainable passenger ship traffic and growth, the FIN-EST Green Corridor cooperation project has been launched to develop an environmentally friendly customer journey for travel between Estonia and Finland," he continued. "A breakthrough lies ahead in the real estate development of [Tallinn's] Old City Harbor, where detailed plans are expected to be implemented and real estate development projects begin on 16 hectares in the near future."
The Port of Tallinn has also reviewed the company's operational processes and drawn up an efficiency plan for the coming years, he added.
Port operator and subsidiaries
The Port of Tallinn is one of the largest cargo and passenger port complexes in the Baltic Sea region. In addition to passenger and freight services, the port operator is also active in shipping via its subsidiaries, with OÜ TS Laevad providing ferry services between the Estonian mainland and its largest islands and OÜ TS Shipping chartering the MSV Botnica for icebreaking and construction services in Estonia as well as for offshore projects abroad.
The Port of Tallinn is also a shareholder of associate company AS Green Marine, which provides waste management services.
The management board of the Port of Tallinn consists of three members – CEO Valdo Kalm, CCO Margus Vihman as well as CFO Andrus Ait.
Kalm has served as CEO of the Port of Tallinn since March 2016, as well as chair of the supervisory boards of OÜ TS Laevad, OÜ TS Shipping and AS Green Marine.
He has previously served as CEO of AS EMT (now Telia Eesti) and AS Eesti Telekom as well as on the supervisory board of AS Baltika.
Kalm has a master's degree in automation and telemechanics from Tallinn University of Technology (TalTech).
The CEO currently owns 2,828 shares of the Port of Tallinn.
Editor: Aili Vahtla