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Maxima Estonia Names Kristina Mustonen As New CEO

By Dayeeta Das
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Maxima Estonia Names Kristina Mustonen As New CEO

Maxima Estonia has appointed Kristina Mustonen as its sole board member and chief executive officer, effective 1 February 2023.

Mustonen succeeds Edvinas Volkas in this role, the retailer noted.

Most recently, she served as board member and commercial director for Baltics in Nordic meat and meals company, HKScan Estonia, AS.

She worked in various roles at the Vilniaus Prekyba group from 2007 to 2020, and held a number of positions at Maxima Estonia, including purchase manager, chief commercial officer and the member of the board.

Mustonen also served as the chief commercial officer of Bauhof Group AS.

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Other Management Changes

Maxima Grupė also announced changes to its board with the appointment of chief financial officer Lauryna Šaltinė as member of the board of Maxima Grupė, UAB.

Elsewhere, Edvinas Volkas was recalled from the position of the member of the management board of Maxima Grupė, UAB.

Volkas, who worked with Vilniaus Prekyba since 2001, is leaving the company.

Other members of the management board include Agnė Voverė (chair), Karolina Zygmantaitė, Arūnas Zimnickas, Tomas Rupšys, Petar Petrov Pavlov and Lauryna Šaltinė.

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In September of last year, the Lithuanian retailer posted a 10.3% increase in revenue to €2.4 billion in the first half of its financial year.

The group's consolidated EBITDA dropped 11% year on year, to €156 million, as it absorbed a 96% increase in energy costs amounting to €23 million.

The company's e-grocery revenues remained at a similar level compared to the same period in the previous year.

© 2023 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.

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