“The decision… came as a fact that, reported to the expectations of the board, the restructuring process of the Bucharest Stock Exchange did not progress sufficiently fast, at present being in an incipient stage,” the statement noted.
Cionga will continue to act as general manager for two more months before the board selects his replacement.
As Mediafax reported earlier, citing people familiar with the matter, Cionga’s proposals to restructure the market operator were met with criticism by some of the board members.
“I respect the board’s decision,” Cionga said in a separate statement Friday, mentioning he was yet to receive an explanation as to the objectives he supposedly failed to fulfill during his mandate.
“No responsible manager can cut corners when it comes to the restructuring of a company such as the Bucharest Stock Exchange,” he said.
Cionga was appointed general manager of the Bucharest Stock Exchange in September 2012. Cionga had replaced Valentin Ionescu, who was fired due to “insufficient commitment and poor performance.”