Verston Sets Top Management on Course for International Expansion
Jarmo Liiver appointed CEO of Verston Eesti, Veiko Veskimäe to Focus on Verston Group’s International Expansion, Indrek Kaldoja joins as Group CFO.
[Tallinn, July 8th, 2025] – Verston is entering a new phase of growth with key leadership changes across its national and international operations.
Effective from July 8th, 2025, Jarmo Liiver, the current CFO of Verston Eesti, will assume the role of the company’s CEO. Veiko Veskimäe, founder and current CEO of Verston Eesti will shift his focus to leading the parent company Verston Group as Co-CEO. Veskimäe, alongside the other Co-CEO, Jüri Tamm, will now spearhead international expansion projects, joined by Indrek Kaldoja who starts working as Group CFO.
This leadership transition marks a consistent next step in Verston’s evolution, strengthening local leadership while scaling the Group’s presence across Europe.
Veskimäe stated that the management changes are part of the company’s strategic development, aimed at supporting the growth and internationalization of Verston Group.
“The main prerequisite for expanding into foreign markets has always been that our company’s health in Estonia is very strong. Under Jarmo Liiver’s leadership, Verston Eesti will continue its growth and strengthen its position in Estonia’s infrastructure market” he remarked.
Renowned for expertise and leadership, Liiver, who has a strong background in financial management, has served as Verston’s CFO since 2019 and was a key figure in Verston’s success in recent years.
“We have become a leading company in Estonia’s infrastructure sector, adapting swiftly to changing market conditions while maintaining profitability.”, confirmed Liiver. “I’m grateful for the shareholders’ trust and committed to continuing Verston’s tradition of quality and innovative approaches.” Verston Eesti’s new CEO was recently recognized with the title of Estonia’s most influential CFO, a recognition of both his professional capability and his steady leadership.
Veiko Veskimäe, who is one of Verston’s founders and has led the company since its inception, will now focus on leading Verston Group together with Co-CEO Jüri Tamm: “Due to our new line-up, we will be able to concentrate on executing our internationalization strategy, which we see as the next major step in our growth journey.”
Under Veskimäe’s leadership, Verston has grown into a leading infrastructure construction and maintenance company in Estonia. For his impressive track record as well as proven leadership and management success, Veskimäe was named Estonia’s Best CEO in 2023.
Newcomer with excellent references
A new face in the top management of Verston Group is Indrek Kaldoja: he will join the C-Level of Verston Group on July 8th as CFO. Veskimäe is looking forward to continuing the Group’s growth journey with Kaldoja, “He (Indrek) is an experienced finance executive with a background in both industrial and service sectors,” he emphasized. “This is especially valuable, when it comes to strengthening Verston’s position in the international market.” In previous positions, Kaldoja was CFO of eAgronom after having served as CFO of Skeleton Technologies. He also was the founder and later partner at the corporate finance firm Essentia Capital.
Kaldoja is also looking forward to his new role: “Verston’s growth ambitions are quite exceptional in the Estonian context – such a clear vision and willingness to expand across the entire European market is rarely seen.” He did not even hesitate when he was offered this opportunity, Kaldoja admitted: “I hope that my experience with international expansion and capital raising will help Verston take the next steps and grow into a strong pan-European infrastructure company.”
About Veiko Veskimäe
Veiko Veskimäe, one of Verston’s founders, has led the company since its inception. Under his leadership, Verston has grown into a leading infrastructure construction and maintenance company in Estonia. He will drive the international expansion of Verston Group as Co-CEO along with the other Co-CEO, Jüri Tamm from July 8th, 2025. Veskimäe was named Estonia’s Best CEO in 2023 in a competition organized by Äripäev, PARE (Estonian HR Association), and the Estonian Employers’ Confederation. In 2023, Veiko Veskimäe was awarded the Order of the White Star by the President of the Republic of Estonia. He is also actively involved in his hometown of Paide and leads the local football club Paide Linnameeskond.
About Jarmo Liiver
Jarmo Liiver has a strong background in financial management and has been a key figure in Verston’s success in recent years. He has served as Verston’s CFO since 2019 and became CEO of Verston Eesti July 8th, 2025. He holds a degree in economic cybernetics from the University of Tartu. Before joining Verston, he led KredEx’s entrepreneurship division and held various positions at Nordea and SEB banks. This spring, Liiver was recognized with the title of Estonia’s most influential CFO 2025, a recognition of both his professional capability and his steady leadership.
About Indrek Kaldoja
Indrek Kaldoja is an experienced finance executive with a background in both industrial and service sectors. Since July 8th, 2025, he assumes the role of a CFO of Verston Group. Before, Kaldoja was CFO of eAgronom and previously served as CFO of Skeleton Technologies. He also was founder and later a partner at corporate finance firm Essentia Capital. His earlier roles include fund manager at Swedbank Investment Funds and managing director at Hansa Private Equity Partners in Luxembourg. Kaldoja earned his MBA (cum laude) from the University of Tartu and a bachelor’s degree (cum laude) in economics from Tallinn University of Technology, where he is currently pursuing a PhD in finance.
About Verston
Established in 2010, Verston is Estonia’s leading infrastructure construction and maintenance company, known for building and maintaining roads that are smarter, more sustainable, and more future-ready. The company builds and maintains roads, supported by new technologies. Verston’s project portfolio amounts to €365 million, including four Rail Baltica mainline construction contracts. As of October 1st, 2025, the company is responsible for 7,500 kilometers of Estonian state roads, which accounts for 44% of the country’s national road network.
Despite economic uncertainty and government budget cuts in the infrastructure sector, Verston Eesti delivered a net profit of €1.6 million on €75 million in revenue in 2024. The company has made significant investments in new technologies, digital solutions, and equipment. In the coming years, the company’s focus is on strengthening competitiveness: improving efficiency, investing in core operations and innovation, reducing environmental footprint, and continuously developing management quality and digital tools. The long-term strategic goal is to grow profitably and sustainably.
In 2024, Verston established Verston Group to lead the company’s international expansion. Verston Group includes Verston Eesti and is owned by Erkko Saluste (45%), Veiko Veskimäe (45%), and Ragnar Klavan (10%).
The management board of Verston Eesti will continue with four members: in addition to Jarmo Liiver, the board also includes co-owner Erkko Saluste, CSO Ragnar Kangro, and COO Tarvi Kliimask.
The management board of Verston Group will henceforth include co-CEO and co-owner Veiko Veskimäe, co-owner Erkko Saluste, co-CEO Jüri Tamm, and CFO Indrek Kaldoja.
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