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Highlights
Mihkel Torim has been named CEO and Chairman of the Management Board at AS LHV Group, replacing outgoing executive Madis Toomsalu
Torim’s background includes decades of experience in Baltic and Northern European financial markets
He is set to join supervisory and director boards of multiple LHV Group subsidiaries following approval processes
AS LHV Group (LHV1T.TL), a financial services company listed on the Tallinn Stock Exchange, operates within the broader European financial sector alongside indexes such as the OMX Baltic Benchmark and is indirectly comparable to larger counterparts reflected in benchmarks like the ftse 100 live. The Supervisory Board of the Group has formally elected Mihkel Torim to assume the role of Chairman of the Management Board and Chief Executive Officer. His appointment is set to take effect in late July, following the planned departure of Madis Toomsalu.
Background and Experience of Mihkel Torim
Torim joined LHV in the earlier part of the previous year to lead its investment banking division. His expertise is rooted in the capital markets of the Baltics and Northern Europe. Prior roles include leadership positions at Swedbank, where he was responsible for overseeing Baltic investment banking and also led operations in Finland. His strategic exposure across multiple European financial hubs is seen as aligning with LHV Group’s ongoing growth and operational scope.
Expanded Governance Responsibilities
Beyond his appointment as CEO, Torim is scheduled to join the Supervisory Board of AS LHV Pank. These governance responsibilities extend to other entities within the corporate structure. Subject to required regulatory confirmations, he is expected to also become a Supervisory Board member at LHV Kindlustus and LHV Varahaldus, along with assuming a directorial role at LHV Bank Ltd. These additions reflect an integrated leadership transition across the company’s key business arms.
Professional Background and Educational Profile
Torim holds a degree in finance from Audentes University and has participated in various executive development programs to support his long-standing career in financial services. He is currently a member of the Management Board of Fortima OÜ, an Estonian entity. While he does not presently hold equity in LHV Group, a structured option plan from the past two years grants him rights to subscribe to company shares under a long-term alignment framework.
Implications Across Group Subsidiaries
This leadership change follows a consistent corporate governance pathway where executive roles at the Group level are closely linked with responsibilities across its core subsidiaries. The forthcoming approvals by regulatory authorities, including central oversight bodies, will finalise these transitions. LHV Group’s business model, which spans banking, insurance, and asset management, is poised for leadership continuity through this reshuffle.
Index and Market Placement
LHV Group’s trading symbol is LHV1T.TL, positioning it in the Tallinn Stock Exchange. While operating on a regional index, its activities are relevant within a broader European financial context. Its structural and leadership changes are often evaluated in comparison with practices seen in major European markets, including those tracked by indexes like OMX Nordic and ftse 100 live.
Kalkine Coverage
This update is in line with Kalkine's ongoing coverage of corporate governance developments within the European financial sector. The election of Torim to lead AS LHV Group highlights the Group’s focus on continuity, regulatory compliance, and regional leadership experience across multiple financial disciplines.
