The Association of Managers of Montenegro (AMM), the country's leading professional business leadership organisation, has established the CFO Association of Montenegro and appointed Damir Ivaštinović as its first president, marking a significant expansion of AMM's professional community into the senior finance executive space.

As reported by Vijesti and confirmed by regional business publication The Region, the CFO Association has been established to bring together chief financial officers and senior finance executives from Montenegro's leading companies and institutions, with support from major organisations across banking, energy, insurance, telecommunications, tourism, and financial advisory sectors.

Ivaštinović is a member of the management board of Erste Bank Montenegro, responsible for finance and risk management, and brings more than 17 years of international experience within Erste Group, having held CFO, CRO, and COO positions across several Southeast European markets.

The founding session of the CFO Association is scheduled for early July, when members will confirm the organisation's structure and define its strategic priorities.

At the same meeting, AMM expanded its presidency with the election of Ivan Šoć, founder and president of Five Group, and Dr Dražen Raičković, CEO of Finance Plus, as new presidency members. Their appointments reflect AMM's strategic focus on artificial intelligence, digital transformation, and technological innovation, with the organisation taking the position that modern business professionals must combine financial expertise with technological understanding to drive competitiveness and sustainable growth.

The establishment of the CFO Association represents a model increasingly adopted by broader management associations seeking to serve specialist professional communities within their existing membership base, creating dedicated governance structures, networks, and advocacy platforms for distinct professional disciplines rather than attempting to serve all members through a single organisational framework.

For associations considering similar structural development, the AMM approach illustrates how a national management body can extend its value proposition by incubating new professional bodies under its umbrella, expanding both membership relevance and institutional reach.

Access the full report on AMM's CFO Association and leadership appointments.