• Jevgenijs Fedjaņins has been elected as the Chairperson of the Management Board of Tonus Elast Ltd
• Previous member of the Management Board of Latvijas Aptieka Ltd Marina Serpova has been elected as the Chairperson of the Management Board of Latvijas Aptieka Ltd

The Board of JSC Olainfarm has elected Jevgenijs Fedjaņins as the Chairperson of the Management Board of the daughter company Tonus Elast Ltd and Marina Serpova has been elected as the Chairperson of the Management Board of Latvijas Aptieka Ltd. In addition, Dace Mihnenoka and Dzianis Panou have been removed from the Board of Tonus Elast Ltd and Ilmars Pajuste has left the position on the Board of Latvijas Aptieka Ltd. Jeroen Weites, Chairperson of the Management Board of JSC Olainfarm: “I would like to say a big thank you to Mr. Pajuste, Mrs. Mihnenoka and Mr. Panou for their contribution to the business development."

“Our goal is to strengthen the management teams of our daughter companies Tonus Elast Ltd and Latvijas Aptieka Ltd and to steer the Olainfarm Group towards sustainable and stable development. Experienced experts with a global perspective are the driving force behind the quality of the Group's operations. In the long run, we want to move towards a unified management practice in all Group companies, and bring new momentum to the company's development. With regard to Tonus Elast Ltd, we have ambitious plans for growth, providing a strong team and purposefully continuing to improve current results by reaching new markets, including Europe, the Arabiaan peninsula, Asia and South America, and developing new products. We are also planning to reach new customers by using new digital channels. Latvijas Aptieka Ltd has also stable positions in our home market,” says Jeroen Weites, Chairperson of the Board of JSC Olainfarm.

Jevgenijs Fedjaņins is an experienced commercial executive having previously held several leading positions in Latvia and abroad. From 2016 to 2019, he worked as a commercial director and board member of Orkla Confectionery & Snacks Latvia, working with well-known product groups in Latvia and worldwide such as Laima, Taffel, Selga and others. He has developed strong team management skills in accordance with modern industry standards. In addition, he has successfully implemented multifunctional and international projects. He has also gained significant experience in globally popular companies such as Monster Energy Europe and Nestlé Baltics.

Marina Serpova has been working on the board of Latvijas Aptieka Ltd since March 2020. She has 18 years of experience as a CFO, as well as in corporate and financial management in various sectors both in Latvia and abroad. Until now, Serpova has developed important skills in team leadership and motivation and financial and accounting matters.

Jevgenijs Fedjaņins and Marina Serpova do not own any JSC Olainfarm shares as well as shares or position at other companies.

Tonus Elast manufactures high quality elastic medical products and has an experienced team. In September 2020, the company will be 25 years old!

Last year 68 pharmacies were operating in 20 Latvian cities within the Latvijas aptieka Ltd. network of pharmacies owned by JSC Olainfarm.

JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with more than 45 years of experience in production of medication and chemical and pharmaceutical products. A basic principle of the company's operations is to produce reliable and effective top-quality products for Latvia and the rest of the world. Products made by the Group are being exported to more than 50 countries and territories of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.

Additional information:  
Jānis Dubrovskis
Investor Relations Advisor of JSC Olainfarm
Phone: +371 29178878
Email: janis.dubrovskis@olainfarm.com