Key Takeaways
- Kęstutis Juščius, the current CEO of AUGA Group, plans to transition to the company’s newly elected Board.
- Juščius will continue to lead AUGA Community, focusing on technology development and sustainable farming standards.
- Elina Chodzkaitė-Barauskienė has been appointed as the interim CEO, effective from November 7, 2023.
- The company aims to ensure smooth operations and consistent strategy implementation during the transition.
- An Extraordinary General Meeting of Shareholders is scheduled for November 7, 2023, to elect new Board members.
In a recent announcement, AUGA Group revealed planned changes in its management structure to maximize the company’s value and focus on technology development. Kęstutis Juščius, the current CEO, intends to transition to the company’s newly elected Board while continuing to head AUGA Community, the subsidiary responsible for technology development.
A Strategic Shift
Kęstutis Juščius emphasized that his decision is not a step away from the company but rather a move to become more deeply involved. “My goal is to focus on those areas that have the most significant impact on the company’s strategy implementation and its future results, namely, technology development,” said Juščius. He believes that this strategic shift will bring the most significant benefit to AUGA Group.
Interim CEO Appointed
To ensure a smooth transition, the Board has appointed Elina Chodzkaitė-Barauskienė as the interim CEO, effective November 7, 2023, until a new CEO is elected. Chodzkaitė-Barauskienė has led the company’s Business Development and Innovation Department since 2019 and has been instrumental in shaping the current business strategy. She has also contributed to the development of a new technology-sharing business model.
Background of the Interim CEO
Before joining AUGA Group, Elina Chodzkaitė-Barauskienė worked for seven years at Invest Lithuania, engaging with major foreign investors in manufacturing and life sciences. She completed her bachelor’s studies at University College London and master’s studies at the Diplomatic Academy of Vienna.
Future Plans
Dalius Misiūnas, the Chairman of the Company’s Board, expressed confidence in the new interim CEO. “By appointing an interim CEO, we will create the conditions for the new Board to integrate with the company’s activities quickly and have sufficient time to search out a new CEO,” said Misiūnas.
Auga Group Latest News
Reports 20% Increase in Sales Revenue for H1 2023 (2023/09/01)
The Group’s sales revenue for H1 2023 was EUR 40.93 million, a 20% increase YoY. But its gross profit decreased to EUR 3.07 million from EUR 12.43 million in H1 2022, and EBITDA dropped to EUR 3.57 million from EUR 15.05 million last year. Segment-wise, Crop Growing’s revenue increased but gross profit dropped. Dairy reported a gross loss, while Mushroom Growing’s sales revenue increased, with a gross profit of EUR 1.00 million. FMCG sales rose 52% to EUR 4.14 million, with a gross profit of EUR 0.98 million. The CEO stated that the Group is implementing operational changes focused on developing agricultural technologies and sustainable farming standards, and has diversified its activities. Operating costs were up to EUR 7.37 million, and the Group presented a new business model based on sustainable farming technologies, cooperative organization, and supplying more sustainable food products.
AUGA Group: Expanding Sustainable Agriculture (2023/08/08)
AUGA Group, AB, a leading agricultural company based in Lithuania, is dedicated to sustainable agriculture and environmental responsibility. The Group is taking bold steps to expand its sustainable agriculture footprint internationally and make a significant impact on reducing emissions from the agricultural sector. Under the visionary leadership of CEO Kęstutis Juščius, AUGA Group has been consistently implementing the objectives set out in its strategy to develop sustainable agricultural technologies. These technologies aim to reduce emissions from agriculture while enhancing productivity and efficiency on farms. The Group’s initiatives include the development of innovative emission-reducing technologies, such as biomethane and the electric-powered tractor AUGA M1. The Group aims to create a broader impact and foster a sustainable farming community by collaborating and sharing knowledge on a cooperative principle.
AUGA Group Finalizes Sale of Kooperatinė Bendrovė “Grybai LT“ Shares to Linas Agro Group’s Kauno Grūdai (2023/07/24)
On July 21, 2023, the AUGA Group sold 100% of shares in Kooperatinė bendrovė “Grybai LT” to Kauno Grūdai AB for EUR 16,327,365.26. The Company produces organic food products that are exported to 30 countries and accounted for 8.9% of the AUGA Group’s revenue in 2022. The sale will enhance AUGA group’s consolidated profit by about EUR 7-8 million.
AUGA Group’s Cooperative Model for AgTech Innovation (2023/05/22)
AUGA Group announced changes in its management structure to focus on technology development. CEO Kęstutis Juščius plans to transition to the company’s newly elected Board to head the AUGA Community. Elina Chodzkaitė-Barauskienė has been appointed as the interim CEO to ensure a smooth transition. In H1 2023, the Group’s sales revenue increased by 20% YoY, but gross profit and EBITDA dropped. The Group aims to expand its sustainable agriculture footprint internationally by developing innovative emission-reducing technologies and sharing knowledge on a cooperative principle.
AUGA Launches Hybrid Tractor for Sustainable Farming (2023/02/17)
The AUGA group, an agtech company and organic food producer has unveiled its AUGA M1 hybrid tractor, representing a significant development in the agricultural sector. The new tractor reduces carbon dioxide emissions by up to 100 tons a year compared to diesel-powered counterparts, making it a sustainable solution for reducing pollution and improving farming practices. Powered by biomethane and electric drives, the design of the tractor accommodates larger biomethane gas cylinders and offers a quick and convenient gas cartridge replacement. The AUGA group’s commitment to developing sustainable technologies will help farmers work more sustainably, reducing their carbon footprint and offering consumers the opportunity to choose food at no cost to nature. The company plans to start mass production this year and aims to use the new tractors worldwide.
Image provided by AUGA Group
