Gheorghe was the previously the CFO of canned goods producer Mandy Food. Before that, he was CFO for Raiffeisen Bank Romania, Bancpost, ABN Amro Bank Romania and worked for PwC.
“Defective management was one of the nine causes that led to Hidroelectrica’s insolvency. This was the reason we launched an unprecedented recruiting campaign for professional managers. We received 2,447 applications for 67 positions. Unfortunately, there was no time to complete this process last year. We’ve resumed interviews with selected applicants immediately after February 25, 2014, when Hidroelectrica re-entered insolvency. In the next two months, 80% of the company’s management will be replaced,” judicial administrator Remus Borza said in a press release Monday.
Gheorghe replaces Georgeta Iosif, who was appointed CFO in September 2012, after servicing as Hidroelectrica’s economic manager in 2003-2012.
Hidroelectrica re-entered insolvency in February after going through the same procedure in June 2010-June 2013. The company is 80.05% owned by the state and 19.95% by investment fund Fondul Proprietatea (FP.RO).