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Nordic Fibreboard CEO quits over differences with main shareholder

Aigar Kallas.
Aigar Kallas. Source: Siim Lõvi/ERR

Aigar Kallas, who had been appointed CEO of listed Estonian medium-density fiberboard (MDF) producer Nordic Fibreboard last Monday, justified his abrupt departure from the latter just one week later with differences that had come up with the company's majority shareholder.

"As a longtime executive, I highly value discretion as well as non-interference by the owners in the day-to-day running of an organization, and that their expectations are defined in advance and the company's goals are clear," Kallas, a former longtime CEO of the State Forest Management Center (Riigimetsa Majandamise Keskus, RMK), told ERR.

"My understanding of management, the responsibilities of management bodies and the organization of work differs from that of the company's current majority shareholder, which, I believe, is why we didn't achieve meaningful cooperation within this short time," he continued.

Kallas stressed that regardless of company, the basis for successful cooperation between a supervisory board and its leadership is a clear division of rules, specific responsibilities as well as trust between the two managing bodies.

"But the owner is always right, and I on my part wish Nordic Fibreboard nothing but the best," he concluded.

Nordic Fibreboard announced in a market notice published Monday afternoon that the supervisory board of Nordic Fibreboard AS had decided to recall management board member and CEO Aigar Kallas as of December 4 – that same day – noting that the company's management board would henceforth operate with the members Enel Äkke and Kevin Gustasson.

The market notice did not indicate the reason for Kallas' same-day dismissal.

One week prior, on November 27, Nordic Fibreboard had announced that its supervisory board had elected Kallas as CEO and a new member of the company's management board for a three-year term beginning that day.

Aigar Kallas earned a degree in forest engineering from the Estonian Agricultural University (now Estonian University of Life Sciences, EMÜ) in 1995 and master's degree in agricultural and resource economics from the University of California, Berkeley in 2000.

He has worked in several managerial roles in both the public and private sectors in Estonia and neighboring countries, and from 2007-2022 served as CEO of RMK.

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Editor: Aili Vahtla

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