TALLINN: The supervisory board of AS LHV Group has elected Mihkel Torim as chairman of the management board and CEO, effective July 22. Torim, currently head of investment banking at LHV Bank, will succeed Madis Toomsalu, who announced his departure earlier this year after leading the company since 2016.
Torim brings over 20 years of experience in capital markets and investment banking across the Baltics and Northern Europe. He joined LHV in 2023 to oversee investment banking operations. Previously, he held senior roles at Swedbank, including head of Baltic investment banking and manager of its Finnish investment banking unit.
Upon assuming his new role, Torim will also join the supervisory boards of LHV Pank, LHV Kindlustus and LHV Varahaldus, as well as the board of directors of LHV Bank Ltd. His eligibility for these positions is subject to approval by the European Central Bank.
Torim holds a bachelor’s degree in finance from Audentes University and has completed multiple professional development programs. He serves on the management board of Fortima OÜ and has been granted options to subscribe for 199,575 LHV Group shares issued in 2023 and 2024.
Rain Lõhmus, chairman of LHV Group’s supervisory board, praised Torim’s leadership and expertise. “Mihkel has demonstrated dedication and results,” Lõhmus said. “His background in investment banking provides a sharp understanding of value creation, which is critical as LHV undergoes significant technological transformation.”
Lõhmus also thanked Toomsalu for his contributions, noting his role in shaping LHV into a leading financial group.
Torim said he is committed to advancing LHV’s growth and innovation. “LHV is well-managed, and our team is positioned to deliver on our vision of becoming the most trusted and forward-thinking financial group,” he said. “My focus will be on driving value through operational excellence and a client-first culture.”
The LHV Group management board also includes Meelis Paakspuu, Kadri Haldre and Jüri Heero.
LHV Group is Estonia’s largest domestic financial group, with key subsidiaries including LHV Pank, LHV Varahaldus, LHV Kindlustus and LHV Bank Limited. The group employs over 1,150 people and serves 468,000 banking clients, 113,000 pension fund clients and 176,000 insurance clients as of April 2025. Its U.K.-based subsidiary, LHV Bank Limited, provides services to fintech firms and SMEs.