Proposed changes in the Management Boards of LHV Group and LHV Pank
AS LHV Group announces that AS LHV Pank intends to implement changes in its organizational structure with the aim of moving towards an international bank with modern product-led management, increasing the scalability of operations, and supporting the bank 's long-term growth. The changes are based on long-term trends affecting the banking sector, including digitalization, automation, and growing international competition. The changes are also planned to be reflected in the composition of the Management Board of LHV Group.
Product-led management
The main change in the organizational structure is the transition from the current functional and client-segment based management model to a product-led organization. As a result of the change, LHV Pank 's retail banking will be replaced by four product areas: banking platform, investment products, loan products, and customer experience.
This structure allows for bringing product development, technology, risk management, and business responsibility under the management of a specific product area, creating clearer responsibility for product development and results. The product areas will have their own development resources. In a product-led management organization, it is possible to accelerate the development and delivery of products to customers and to improve the overall customer experience. The change helps to bring decision-making authority and responsibility significantly closer to product development and customers.
In addition to these major changes, other smaller changes will be made to LHV Pank 's organizational structure. The changes will be implemented gradually during 2026, with the first changes taking effect on June 1. The organizational changes in LHV Pank will not result in any changes to the current financial plan of LHV Group.
Proposed changes in the Management Boards
Due to the planned changes mentioned above, the Supervisory Board of LHV Pank intends to decide on the recall of the Head of Retail Banking Annika Goroško and the Head of IT Jüri Heero from the Management Board of LHV Pank, effective as of 1 June 2026. The Supervisory Board of LHV Group intends to decide on the recall of the Head of IT Jüri Heero from the Management Board of LHV Group, effective as of 1 June 2026.
Comment from Mihkel Torim, Chairman of the Management Board of LHV Group:
LHV has always been innovative and forward-looking. The world around us is changing faster than ever before, and we must change with it to continue to be the best choice for our clients and partners. The new, product-led structure moves decision-making and responsibility to where value is created – to product development. This is important step in our long-term strategy to grow as a technology-based and international financial group. I would like to thank Annika and Jüri for their dedication and contribution, which have helped LHV get to where it is today.
Comment from Erki Kilu, Chairman of the Management Board of LHV Pank:
Banking is changing rapidly. To be successful in the future, we must build LHV more around products, technology, and scalable platforms – more like a modern financial technology company and less like a traditional bank.
I am very grateful to Annika for her contribution to the development of LHV Pank and the management of retail banking. Under her leadership, LHV Pank has strengthened its position among retail clients and further developed several important services. Annika 's professionalism, energy, and dedication have helped ensure LHV Pank 's stable growth in recent years.
Special thanks go to Jüri, whose contribution to the development of LHV is difficult to overestimate. Jüri joined LHV in 1999 and has been part of LHV from the very beginning. He created LHV 's first systems. Under Jüri 's leadership, we started with the first LHV Pank products and building the team. His contribution to the development of LHV over the past more than 25 years has been invaluable, and he has a very important role in what LHV has become today.
LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s main subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus and LHV Bank Limited. The Group employs nearly 1,200 people. As of the end of April, LHV’s banking services are used by more than 500,000 customers, LHV-managed II pillar pension funds have over 105,000 active customers and LHV Kindlustus provides insurance protection to 240,000 customers. LHV Bank, a subsidiary of LHV Group, holds a UK banking licence and offers banking services to international financial technology companies, loans to small and medium-sized enterprises and retail banking services.
Investor Relations
Sten Hans Jakobsoo
Head of Investor Relations and Corporate Development
Email: stenhans.jakobsoo@lhv.ee
Communications
Paul Pihlak
Head of Communications
Email: paul.pihlak@lhv.ee
© 2026 GlobeNewswire, Inc. All Rights Reserved.
