The Supervisory Board of Coop Pank AS elected Mr. Paavo Truu as the new Member of the Management Board and Chief Financial Officer, replacing Kerli Lõhmus, the current Chief Financial Officer. Paavo Truu´s term of office as a Member of the Management Board commences on 16 February 2022 and is effective until 15 February 2025.
Paavo Truu will also be elected to be a Member of the Supervisory Boards of Coop Finants AS, Coop Liising AS, Coop Kindlustusmaakler AS and CP Varad AS, all subsidiaries of Coop Pank AS. His term of office as a Supervisory Boards Member shall commence on 16 February 2022.
In connection with the election of Paavo Truu as a Member of the Management Board of Coop Pank AS and a Member of the Supervisory Boards of subsidiaries, Paavo Truu will be recalled as the Chairman of the Audit Committee of Coop Pank as of 16 February 2022.
Paavo Truu worked from 2018 until February 2022 as a Member of the Management Board and Chief Financial Officer of Coop Eesti Keskühistu. Since February 2019, Paavo Truu has been a Member of the Audit Committee of Coop Pank and since March 2019, the Chairman of the Audit Com mittee. He received his bachelor's degree in 1996 from the Faculty of Economics of the University of Tartu, majoring in marketing, finance and banking. As of 15 December 2021, Paavo Truu owns 8,000 shares in Coop Pank AS through his company Solaris Konsult OÜ.
Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The bank has 112,400 everyday banking customers. Coop Pank uses the synergies between retail and banking and brings everyday banking services close to people's homes. The majority shareholder of the bank is the domestic retail chain Coop Eesti, whose sales network includes 330 stores.
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