Kęstutis Šerpytis is leaving the position of CEO of Lithuania's largest non-life insurance company Lietuvos Draudimas, delfi.lt writes.

As the company announced, Kęstutis Šerpytis, who has been the head of the company for 29 years, will work as an advisor to the CEO of Lietuvos Draudimas starting December 8. Soon, the company's supervisory board will initiate the search and selection of a new CEO.

Lietuvos Draudimas is a non-life insurance company in the Baltic States. It belongs to one of the largest insurance groups in Central and Eastern Europe, PZU SA, which owns 100% of Lietuvos Draudimas, the source added.