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LTG completes the CEO selection process. Will Egidijus Lazauskas remain in his position?

LTG completes the CEO selection process. Will Egidijus Lazauskas remain in his position?
foto: LTG/LTG completes the CEO selection process. Will Egidijus Lazauskas remain in his position?
24 / 06 / 2022

Lithuanian Railways (LTG) has completed the selection process for its CEO. By the Board's decision, the company will continue to be headed by Egidijus Lazauskas. His objectives cover all areas of LTG Group's activities: to diversify and expand the freight business, continuously improve the quality of services provided to passengers, and ensure the competitiveness of railway infrastructure. The focus is also on a team focused on implementing the necessary changes.

Egidijus Lazauskas joined LTG's management team in January 2017, when he took over the management of LTG Cargo, a rail freight company. Since the beginning of January this year, during the transition period, he has been temporarily in charge of the holding company Lietuvos geležinkeliai. Before joining LTG Grupė, Mr Lazauskas headed the Infrastructure Projects team at Ernst & Young Baltic.

The Board believes that Mr Lazauskas' experience in private business, including international experience, will be of particular importance in his role as CEO of LTG. He has proven that he can successfully take the bold decisions the Group needs and bring the team together in tough circumstances of the change. Lazauskas competed against very strong candidates with extensive leadership and change management experience. It was his demonstrated strategic approach, rather than his experience as interim CEO, that was the key factor in the Board's decision.

"In the context of a significant and sharp contraction in business volumes, LTG Group is implementing an unprecedented transformation. It includes increasing operational efficiency and reducing costs, fully diversifying and expanding into new markets, particularly in Europe. I believe that Egidijus Lazauskas' experience and accumulated knowledge of the specifics of foreign markets will allow us to find new strategic directions and meet our diversification goals," says Kęstutis Šliužas, Chairman of the Board of LTG.

He added that the new CEO is also tasked with continuing to improve the quality of services provided to passengers, ensuring the railway infrastructure competitiveness, and continuing the Rail Baltica project implementation, which aims to integrate Lithuania into the European rail network. All this is possible by increasing LTG Group's attractiveness as an employer and employee engagement, and a strong focus on these aspects is also expected.

"I congratulate Egidijus Lazauskas on taking the helm of one of the largest strategic companies in this period of exceptional challenges. The ambition for the company is clear - to become the leading railway company in the region in terms of the quality and efficiency of the services provided, to implement strategic projects, to expand its activities in foreign markets, with a priority on the West, and to continuously diversify its market, customers and activities. I wish Egidijus and his team strength and the greatest possible success," says Minister of Transport and Communications Marius Skuodis.

"The entire LTG Group team has been actively working for some time now and will continue to work to adapt to the changed reality. The biggest change has been in the freight business, and we are implementing a comprehensive diversification of the business - looking for opportunities to expand our services and do so in different markets. We are also looking at ways to maintain a competitive infrastructure and ensure quality services for passengers. I am confident that LTG Grupė can diversify its activities, adapt to the changing business environment and continue to operate successfully," says Egidijus Lazauskas.

The Board was assisted in the selection process by executive search experts Master Class Lietuva, selected through a public procurement process.

Earlier this year, LTG Cargo, which belongs to the Group, started regular intermodal transports from Kaunas Intermodal Terminal to Duisburg in Germany. It is the first international freight route to Western Europe to be implemented by LTG Cargo and LTG Cargo Polska in three different countries.

Intermodal freight services to terminals in Poland are also being offered to customers, the partnership with Latvian and Estonian colleagues is being developed for Ambertrain services, and discussions are underway with representatives from Kazakhstan for the cargo transport to the port of Klaipėda. Ukraine remains a crucial market as well, as cargo from this country has started to be transported to Lithuania bypassing Belarus via Poland.

The LTG Group consists of the holding company Lietuvos geležinkeliai (LTG for short) and its main subsidiaries - LTG Cargo, a freight transport company, LTG Link, a passenger transport company, LTG Infra, a company that manages the country's railway network and is responsible for its modernisation.

 

Source: LTG News Releases

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