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Janis Romanovskis has decided to step down of his own accord, said Klavina, adding that there was nothing more she could add at the moment, reports LETA.

Romanovskis began to work at Grindeks in 2003 as the finance and administrative director, he was appointed chairman of Grindeks board in 2007.

Besides Romanovskis, Grindeks board includes Vadims Rabsa and Lipmans Zeligmans.

Grindeks council chairman Kirovs Limpans released a statement today expressing gratitude to Romanovskis for his work at Grindeks.

"Much has been achieved at the company over the past few years: major investment projects have been implemented, Grindeks exports have increased. I am confident that the experience gained at Grindeks will help Janis Romanovskis to successfully continue his career," Lipmans says in the statement.

Grindeks profit in the first nine months this year was LVL 5.85 million – 12.5% more than in the same period last year.

The group's turnover in the first nine months was LVL 48.9 million, an increase of 4.3% on the respective period of 2010.

Grindeks is ranked 18th in this year's ranking of Latvia's 101 most valuable companies by the business magazine Kapitals, IBS Prudentia and the stock exchange, with an estimated value of LVL 113.54 million.