The supervisory board of real estate group AS Arco Vara recalled the company' interim CEO Aare Tammemäe and member of the board Ahto Altjõe and hamed Lembit Tampere (33) the new chairman of the board of the group. Heigo Metsoja, former investor relations officer and head of corporate finance, was hamed member of the board and CFO of Arco Vara, Lembit Tampere will focus on overall management of the group. Arco Vara said Lembit Tampere and Heigo Metsoja will take office on August 26th, on the same day Aare Tammemäe and Ahto Altjõe will leave the board of Arco Vara, consequently they will be recalled from the management and supervisory boards of all subsidiaries of Arco Vara. Chairman of the board of Arco Vara Richard Tomingas said Lembit Tampere is a formidable specialist and a good manager, who knows well the real estate sector and related fields. “Therefore the supervisory board decided to give him the opportunity to prove himself and move the company forward,” said Tomingas, adding that the company will stick to its conservative business development strategy. Aare Tammemäe said he is leaving the company due to differences in approach to managing the firm. Lembit Tampere has for the past five years run Austrian investment company ECE Capital OÜ's activities in the Baltic States, including development and sales deals on several real-estate and energy projects in Estonia, Latvia and Lithuania. Between 1997 and 2004 he worked at Eesti Ühispank (SEB Pank) as project manager in corporate finance, and between 2004-2005 as head of corporate finance in SBM Bank. Tampere has a bachelor's degree from Concordia International University in Estonia and Lakeland College in Wisconsin, USA. Tampere will leave his post at Austrian investment firm ECE European City Estates AG subsidiary ECE Capital OÜ as chairman of the board in the coming weeks after filing appropriate paperwork. Heigo Metsoja has for the past three years worked at Arco Vara as head of corporate finance and investor relations officer. Lembit Tampere said Arco Vara is an incredibly strong brand on the Estonian and Baltic real estate market. “The decision to accept the offer by Arco Vara's supervisory board did not come easy. The opportunity to be a part of such a strong and large team presents itself seldom and the fact, that it is one of the most active and accomplished market players in all of the Baltics determined my response. I wish to start immediately, familiarize myself with the team and group companies and develop principles for guiding future strategy,” added Tampere. Richard Tomingas, chairman of the supervisory board said Arco Vara expresses its gratitude to Aare Tammemäe for willingness to take on the responsibilities of interim CEO of Arco Vara in very difficult circumstances last December. Arco Vara is a leading real estate developer in the Baltic's, undergoing a SEE expansion with presence established already in Ukraine, Bulgaria and Romania. Core business is real estate development supported by brokerage network and construction arm. The company has offices in 26 cities and employs 570 people. According to 2007 audited consolidated results net sales was 727 mln kroons (46 mln euros), net profit before minorities 235 mln kroons (15 mln euros) and assets 3 564 mln kroons (228 mln euros). Arco Vara is listed on Tallinn Stock Exchange. Arco Vara will publish its 1H 2008 results on August 29th. Lembit Tampere has no shares in Arco Vara, Heigo Metsoja owns 46 500 shares. Lembit Tampere CV Education 1997 Lakeland College, Wisconsin, United States. International Business Administration 1993 - 1997 Concordia International University in Estonia, BA, International Business Administration Professional experience 2003 - 2008 ECE Capital OÜ, member of the board. 2004 - 2005 SBM Pank AS, director of corporate finance. 1997 - 2004 Eesti Ühispank AS, project manager in Corporate Finance division. Heigo Metsoja CV Education: 2002 - EBS, EMBA (majandus- ja finantsarvestus), omandamisel 1995-1999: EBS, BBA (raha ja pangandus) Professional experience: 2007.02 - Member of the supervisory board, AS Tallinna Olümpiaspordikeskus 2007.02 - Member of the supervisory board, Arco Investeeringute AS 2007.07 - Investor Relations Officer, Arco Vara AS 2005.05 - Head of Corporate Finance, Arco Vara AS 2003.09 - 2005.05: Chairman of the board, CFO, AS Eesti Eine 2001.12 - 2003.09: Credit analyst, corporate, AS Hansapank 1999.12 - 2001.12: Financial analyst, Fortum Energia AS Richard Tomingas Chairman of the Supervisory Board