Cionga was appointed to this position during the Board’s first meeting after the company’s privatization, Electrica said in a statement.
Cionga, 58, joined Raiffeisen Financial Advisors Romania in 1999, where he held the position of general manager, coordinating projects of privatization, mergers and acquisitions (M&A). In 2004, he was appointed deputy general manager of Raiffeisen Capital & Investment. In 2007, Cionga founded AZ Capital Advisors.
Electrica Board also includes members Victor Vlad Grigorescu, Cristian Busu, Arielle Malard de Rothschild and Michael Adriaan Maria Boersma.
Electrica was listed on the Bucharest Stock Exchange in July 2014. Following its privatization, the Romanian state, via the Energy Department, was left with 49% of the company’s shares. The European Bank for Reconstruction and Development is the company’s largest shareholder with a 8.6% stake.
Electrica reported revenues of RON2.3 billion (EUR516.6 million) in the first half of 2014, up 12% on the year, and its net profit rose 6% to RON197 million (EUR44 million).