“Hidroelectrica manages a budget of approximately RON3 billion and has 2 department managers, 7 branch economic managers and 78 economists (…), “Euro Insol, Hidroelectrica legal administrator, said in a statement.
Hidroelectrica administrator Remus Borza announced last week he wants to replace 80% of the company’s management within two months and started by appointing Adrian Gheorghe, former CFO of canned goods producer Mandy Food, as financial manager.
“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,” Borza said in a press release last Monday.
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).