Mr. Tiivas (31) has been working in the OMX organization since 1998, starting as the Managing Director of the Tallinn Stock Exchange. As head of OMX Baltic Operations, Gert Tiivas was responsible for the consolidation and integration of Riga and Vilnius stock exchanges and central depositories.
"Gert is a very energetic and effective leader. Under his management OMX in the Baltic’s has become a modern and profitable company and has made significant progress towards building an integrated Baltic market as part of our strategy of a Nordic Baltic home market. This experience will be very useful in supporting the development of new regional markets in the fast growing economies of Central and Eastern Europe," said Jukka Ruuska, President of OMX Exchanges.
"Baltic exchanges are now well positioned for further growth,” said Gert Tiivas. “Markets in Central and Eastern Europe, as well as Russia, have seen a very dynamic development in recent years. OMX has a proven concept and know-how for building regional markets, and we would like to offer this and contribute to the future success of these fast growing markets. We see this as an attractive growth area for OMX," he continued.
Mr. Tiivas will continue in his current duties until a replacement is found, expected in Q1 2005. Thereafter, Gert Tiivas will continue serving in the Supervisory Councils of the Estonian Central Securities Depository, Riga Stock Exchange, Latvian Central Depository, Vilnius Stock Exchange and Lithuanian Central Securities Depository. Gert Tiivas will be appointed to the Supervisory Council of the Tallinn Stock Exchange in due course. He will also continue as a member of the OMX Exchanges management team.
