Nasdaq Baltic Announces Changes in the Management Boards of Nasdaq Tallinn and Nasdaq Riga

28.09.2023 RIG, TLN, VLN

Tallinn/Riga/Vilnius, Nasdaq Baltic Market, September 28, 2023 – Nasdaq (NDAQ) announces that it is strengthening and expanding the management boards of Nasdaq Tallinn and Nasdaq Riga stock exchanges by adding a pan-Baltic representation to both of the management boards.

Starting from October 1, 2023, the management board of Nasdaq Tallinn will consist of Kaarel Ots, the Chairman of the Management Board, Liene Dubava and Vaidotas Užpalis, both Members of the Management Board. The management board of Nasdaq Riga will consist of Liene Dubava, the Chairwoman of the Management Board, Kaarel Ots and Vaidotas Užpalis, both Members of the Management Board.

“Kaarel, Liene, and Vaidotas hold deep expertise in the securities market domain and have a proven track record in leading teams and driving structural, technological, and regulatory changes across the Baltic exchanges, hence we have full confidence they will form a very strong management team and continue to advance the Baltic market going forward,” said Arminta Saladziene, VP of European Markets and Chair of the Supervisory Councils of Nasdaq Tallinn and Nasdaq Riga.

In addition to serving as the Chairman of the Management Board of Nasdaq Tallinn, Kaarel Ots will be appointed as the new Head of Nasdaq Baltic Exchanges. Kaarel will take over the position from Daiga Auziņa-Melalksne who is leaving Nasdaq after having been with the company for 25 years.

The expanded pan-Baltic composition of the management boards of Nasdaq Tallinn and Nasdaq Riga will support Nasdaq’s commitment to continuous efforts of the Baltic market integration.

„Our goal is to continue building a strong and vibrant Baltic capital market. We are fully aware of the importance of local touch to the exchange business and having a local presence. At the same time, we aim to harmonize as many processes as possible on the Baltic level and make sure our region can be accessed as one in terms of listing, trading, and settlement,” said Kaarel Ots, the Head of Nasdaq Baltic Exchanges and CEO of Nasdaq Tallinn.

The pan-Baltic representation of the management boards complements a recent news about the MSCI initiative to regionally consolidate the Estonian, Latvian, and Lithuanian markets for the purpose of index construction and maintenance. The new single index, which was launched last month, allows the three markets to be integrated into the MSCI universe and raise the profile of the region among international investors.

Kaarel Ots has 25 years of experience in the financial services industry. He joined Nasdaq in 2016 from Deloitte. Before that he worked for UniCredit Bank for 8 years. Since its inception in 2012, Kaarel has been serving as the Member of the Management Board of a financial sector cluster organization FinanceEstonia. He is Chairman of the Board of Estonian Service Business Association. Kaarel has obtained a Master’s degree in Corporate and Investment Banking from SDA Bocconi School of Management.

Liene Dubava has more than 25 years of experience in the financial industry and has been with Nasdaq Riga since 2003. Liene is a member of Latvian Corporate Governance Advisory Board under the auspices of the Ministry of Justice and both in 2006 and 2020 was one of the developers of the country’s Corporate Governance Code. She is also a member of European Corporate Governance Network, representing the Baltic countries. Since 2018, Liene has also served as a vice president of the American Chamber of Commerce in Latvia. She holds a Master’s degree in economics from the University of Latvia and an MBA from Riga Business School.

Vaidotas Užpalis has been working at Nasdaq Vilnius since 2005. Currently he acts as the Head of Transaction Services of Nasdaq Baltic Exchanges as well as the member of the Management Board of Nasdaq Vilnius. Vaidotas holds a Bachelor’s and Certified Engineer’s degrees from Kaunas Technology University.

Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, Twitter @Nasdaq, or at

Nasdaq Baltic represents the common offering of the Nasdaq Tallinn, Nasdaq Riga, Nasdaq Vilnius securities exchanges as well as Nasdaq CSD. Read more:

Additional info:

Ott Raidla
Head of Marketing and Communications
Nasdaq Baltic
+372 5552 4824

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