Toni Balažič, Drago Kavšek and Igor Maroša remain on the Mercator management board
Following the significant changes in the shareholder composition, the Supervisory Board of Poslovni sistem Mercator, d.d., dismissed the company Management Board at today's session, and reappointed Toni Balažič as Management Board President, and Drago Kavšek and Igor Maroša as Management Board members. Moreover, the Supervisory Board also appointed the Audit Committee members and members of the Steering Committee which is to monitor the compliance with the commitments specified in the Share Acquisition Agreement for the shares of Poslovni sistem Mercator, d.d.
Consistently with the change in the ownership structure and composition of company Supervisory Board, the Supervisory Board dismissed at today's session the previous Management Board, effective as of September 18, 2014, and appointed the new Management Board.
Toni Balažič will remain the President of the Management Board and he will be in charge of Mercator Group management and trade operations in the markets of Serbia and Montenegro. Drago Kavšek, appointed Management Board member, will be in charge of finance, accounting and controlling, IT, telecommunications, and subsidiaries Mercator–H, d.o.o., M–BL, d.o.o., and Mercator–BH, d.o.o. Igor Maroša, appointed Management Board member, will be responsible for Mercator trade operations in Slovenia and the non-core Mercator Group activities. The new Management Board will start their term of office on September 19, 2014.
Supervisory Board Chairman Ante Todorić stressed upon the appointment of the new Management Board: "Today's appointment is a sign of confidence that Mercator Management Board has won with their successful management of challenging processes of business and financial restructuring of the company, and it is the foundation for continuity of Mercator operations and its stability. Further implementation of the planned business restructuring measures, even more active focus on the management of the core activity, i.e. trade, and operation within one of the largest retail chains in the region will allow us to jointly pursue our basic goal – to offer our customers the best service, the highest quality of offer, and the most competitive prices. To the Management Board is thus given confidence that forms Mercator as the best retailer in the region, which will bring added value to employees, suppliers and all of its other stakeholders."
As the term of office of the Audit Committee was terminated, the Supervisory Board also appointed at today's session the new Audit Committee members. The Supervisory Board Audit Committee shall consist of Ivan Crnjac and Damir Kuštrak as Supervisory Board members, and Sergeja Slapničar as the previous Audit Committee member, which will also allow continuity of the Committee's work.
Pursuant to the Share Acquisition Agreement for the shares of the company Poslovni sistem Mercator, d.d. (hereinafter referred to as the Agreement), signed between the majority shareholders as the sellers, and the company Agrokor, d.d., as the buyer on June 14, 2013, the Supervisory Board also appointed at today's session their representative in the Steering Committee. This representative will be responsible for monitoring the compliance with the commitments and covenants specified in the said Agreement.
In accordance with the Agreement, the Steering Committee thus consists of: Management Board President Toni Balažič, Supervisory Board member Darko Knez, Works Council chairwoman Vesna Stojanović, and an independent expert who will preside over the Steering Committee and who is to be jointly appointed by Agrokor, d.d., and the worker representative. Nenad Filipović, Academic Director at IEDC – Bled School of Management, was appointed Steering Committee chairman as the independent expert.
