18/06/2025
The Supervisory Board of Finantsinspektsioon has announced a public competition for the position of Chair of the Management Board. The term of office of the current Chair, Kilvar Kessler, ends on 15 January 2026.
Chair of the Finantsinspektsioon Supervisory Board Jürgen Ligi praised the work of Mr Kessler as leader of the institution and in supervising the financial sector. “Finantsinspektsioon under Kilvar Kessler has kept the financial market securely stable and functioning honestly. It has been objective and independent in its work and it has achieved a reputation throughout Europe for being a cooperative and reliable expert organisation”, he said.
He added that the Estonian supervisor led by Mr Kessler has been an innovator internationally in the fight against money laundering. “As soon as it was allowed to apply risk-based solutions, Finantsinspektsioon started using the new tools. Years later, when the risky business practices of Danske Bank caught the attention of the Danish supervisor, the problems of the bank in Estonia had long since been resolved”, he noted. He said that holding a competitive application for the post did not reflect any dissatisfaction among the board with the work of Mr Kessler, but reflects rather the current approach, where competitive applications are increasingly used for filling top positions.
Chair of the Finantsinspektsioon Management Board Kilvar Kessler will not apply in the competition this time. “I have been appointed Chair of the Management Board of Finantsinspektsioon by the Supervisory Board three times, and I have held the post for 12 years now. Finantsinspektsioon now operates with certainty, independence and professionalism and is respected as an expert organisation, and this is an excellent foundation for its future work”, he explained. He added that he fully supports the decision of the Supervisory Board and will lead the institution with the same dedication until his term of office ends early next year.
“I want to thank the Supervisory Board of Finantsinspektsioon, the Management Board, our other colleagues, financial intermediaries and our partners for their trust and cooperation. It has been a great honour for me to work with such true professionals and to help turn Finantsinspektsioon into the efficient and effective financial supervisor that it is today”.
The competition for the position of Chair of the Finantsinspektsioon Management Board is open for applications until 4 August. Further information and the terms of the competition can be found here.