Candidates for next head of Estonia's central bank named

TALLINN - Members of the supervisory board of the Bank of Estonia have nominated Andrus Alber, Ülo Kaasik, Kilvar Kessler, and Margus Rink as potential candidates for the next governor of the central bank.

Interviews with the candidates are scheduled for the next meeting of the supervisory board on Oct. 21. The supervisory board plans to make its selection at the following meeting, which is set for Oct. 28, the central bank said in a press release.

The supervisory board consists of 11 members, and a candidate must receive the support of at least six board members to be selected.

The current governor of the central bank, Madis Müller, will conclude his term on June 6, 2026. According to the law, the central bank's supervisory board selects the governor's candidate, and the candidate is appointed to office by the president of Estonia. The central bank governor's term is seven years, and they cannot be appointed for more than one consecutive term.

Andrus Alber has worked in the financial sector for over 30 years, both in Estonia and in international organizations. He has served as chairman of the management board of Nasdaq Tallinn Stock Exchange, was co-founder and CEO of Finora Group, and worked at the International Monetary Fund and the Bank of Estonia. Alber has been a member of Estonia's Fiscal Council and the supervisory boards of several organizations.

Ülo Kaasik has been deputy governor of the Bank of Estonia since 2011, with responsibilities including economic analysis as well as the preparation and implementation of monetary policy. He is a member of Estonia's Fiscal Council. Previously, he headed the central bank's monetary policy department and worked as an economic adviser to the prime minister.

Kilvar Kessler has worked as the CEO of the Estonian Financial Supervision Authority since 2014 and is a member of the supervisory board of the European Central Bank. He has taken part in the work of several European and Nordic-Baltic financial forums and has previously practiced as a lawyer and held various positions in financial supervision. Kessler also teaches financial markets and supervision at the University of Tartu.

Margus Rink was the CEO of Coop Pank from 2016 to 2025. Before that, he served as chairman of the management board of Magnum AS and as a member of the management board of Eesti Energia. His earlier career includes several senior positions at Hansapank. Rink is a member of the board of the Estonian Chamber of Commerce and Industry and of the council of the School of Business and Governance at TalTech.