The new Board includes Aurel Cocos, who has been a Board member so far, Eugen Bradean (named commercial manager), Ovidiu Agliceru (named technical manager), and Mihai Teleanu (development manager).
Bradean previously worked for state-owned electricity distributor Electrica, where he filled the position of director of strategy.
“The term of the new Board is temporary and it will be valid until the Supervisory Board decides to make changes or until a new Supervisory Board, appointed in accordance with Government Emergency Ordinance 109 (regarding corporate governance –e.n.), selects a new Board,” the sources said.
The new Board no longer includes Hidroelectrica’s former general manager Dragos Zachia-Zlatea.
Hidroelectrica shareholders on Wednesday revoked the company’s entire Supervisory Board, then confirmed its old members in their positions and appointed two new members to fill vacancies. Remus Borza (president), Ioan Mihaila, Remus Vulpescu, Mihai Grosan and Oana Truta have been confirmed, while Elena Popescu and Gabriela Sandu were appointed to fill vacancies.
Borza owns firm Euro Insol, which was Hidroelectrica’s court-appointed administrator from June 2012 until June 2013.
Hidroelectrica reported a record first-half profit of RON481 million (EUR109.5 million) from losses in the year-earlier period, boosted by higher revenue from electricity trading and improved efficiency.
Hidroelectrica reported total sales of RON1.68 billion in the first six months of 2013, up 33.4% from RON1.26 billion in the corresponding period of 2012.