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Tarmo Sild is the new member of the management board of Arco Vara AS.

The supervisory board of Arco Vara AS has decided to recall the company’s present member of the management board Lembit Tampere and to appoint Tarmo Sild (37) as the group’s new member of the management board. Arco Vara has a one-member management board.

According to the resolution of the supervisory board, the powers of Tarmo Sild will take effect as of 22 October. Lembit Tampere will step down from the management board of Arco Vara on the same day. Lembit Tampere will be removed from all supervisory and management boards of the subsidiaries and associates of Arco Vara.

The change of the member of the management board is related to changes that have taken place during the year on the supervisory board, which has resolved to appoint a new CEO to implement its vision.

The supervisory board has some significant and unresolved questions about the balance sheets of various entities of Arco Vara group and the sustainability of the business plans of some group companies, particularly as regards the construction division and foreign operations. The management board has to analyse the reasons for the group’s poor performance promptly and with due care and to draw appropriate conclusions. The supervisory board is of the opinion that Arco Vara group has to seek new development opportunities and to increase the volume and pace of developments for which there is market demand so as to remain competitive and to be a justified investment for the shareholders. The supervisory board does not rule out the possibility that the management board may have to write down some of the group’s assets and to implement additional measures for cutting overheads and improving management efficiency.  

Tarmo Sild has been assigned to stabilise, restructure and refinance Arco Vara group and to restore the group’s profitability, particularly in the area of real estate development.

Tarmo Sild has no shares in Arco Vara AS. According to his contract, share options will be part of the motivation package.

Brief CV of Tarmo Sild

Education:
University of Tartu; Faculty of Law, B.A.; 1998
University of Helsinki; Faculty of Law, further studies; 1997-1998
Vrije Universiteit Brussel; PILC; LL.M (cum laude); 1999

Work experience:    
1998 – 2003 Law office HETA, attorney at law and member of the management board
2003 – 2012 Law office LEXTAL, founder, attorney at law, member of the management board, counsel
Since 2000 – MFV Lootus OÜ, founder, member of the management board
Since 2008 – AS IuteCredit Europe, founder, member of the management board


Egert Paulberg
Financial Controller
Arco Vara AS
Tel: +372 614 4503
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http://www.arcorealestate.com