The changes started with US-held MetLife, which announced a new chief executive officer of the local subsidiary at the end of June, Emilia Bunea, the former chief financial officer of rival ING Group. She replaced Theodor Alexandrescu, who had run the company for nine years and was promoted to CEO of MetLife’s operations in the Persian Gulf.
MetLife is an exception, though, as in most cases the shareholders decided to replace the management because of dissatisfaction with company performance.
Austria’s Vienna Insurance Group (VIG) decided to end Mariana Diaconescu’s term at the helm of Asirom after the insurer ended 2013 with a record loss of EUR54 million. She had held the position for three years.
Asirom has not announced her replacement yet, but market sources say it chose Austrian executive Cornelius Granig, former CEO of Siemens Ukraine. The sources added the insurer actually replaced its entire middle management team.
Asirom also recruited Ovidiu Racoveanu, former member of the Generali board in charge of life and health insurance, to be its health&corporate director. Racoveanu had been working for Generali since 1999.
Generali lost another key executive this year, claims manager Madalin Rosu, who moved to Omniasig.
Austrian-held Uniqa, too, went through management changes. Market sources say Florin Golovatic resigned as chairman and CEO at the end of August, even though his term was supposed to end in December. The insurer did not comment on the subject, but market sources say Golovatic resigned because the Austrian owner was not willing to extend his term in office.
His replacement is Franz Weiler, the vice-president the company hired this spring after the departure of Romeo Jantea.
Carpatica Asig, a company that had had two general managers in two years, this week announced the end of the term in office of Ina Crudu, who had been appointed to the position in June last year. Crudu replaced Marian Mirzac, who left after only nine months on the job.
On the other hand, Mihai Tecau, the current CEO of Omniasig, is the executive that can boast the most years spent running an insurer. After eight years at the helm of the company, he is also the only such manager to have survived the financial crisis. He will keep his position for at least four more years after VIG renewed his contract in May.
(English version by Loredana Fratila-Cristescu)