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Published: 24 july 2012 14:12

Vaidas Mickus takes over as managing director of Alita

Alita produces alcoholic beverages.
Eriko Ovčarenko / 15min nuotr. / Alita produces alcoholic beverages.

Lithuania's Alita Group has appointed Vaidas Mickus, the alcohol production company's finance and IT director, as its new managing director.

Mickus, 38, took over the post from Paulius Kibisa on Monday, the Swedbank-controlled company said in a statement to the NASDAQ OMX Vilnius stock exchange.

On Monday, Alita Group's supervisory board dismissed the whole management board in corpore and appointed Mickus, Algirdas Ragelis, and Andreas de Neergaard as new members of the management board.

Neergaard, investment manager with FR&R Invest, a company of Sweden's Swedbank Group, was appointed as chairman of the management board. Ragelis, 31, is Alita Group's production director.

Alita Group posted 4.404 million litas (EUR 1.28m) in consolidated net losses for the first quarter of this year, up from losses of 1.752 a year before. Its first-quarter revenues slumped down by 23.4 percent to 11.318 million litas.

FR&R Invest held 84.56 percent of shares in Alita Group, which is quoted on the Current List of the Vilnius bourse, on 31 March.

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