Hidroelectrica explained that the selection procedure for the position of CEO has ended without a proposal to appoint one of the candidates selected by an independent expert on the shortlist. The Supervisory Board decided that no candidate fully aligns with the requirements associated with the CEO position at this time, according to a company statement.
“Hidroelectrica informs its shareholders and investors that the transparent and competitive selection procedure for the position of CEO, conducted by the independent expert appointed according to GEO no. 109/2011 on the corporate governance of public enterprises, concluded without any of the shortlisted candidates being proposed for appointment. The final evaluation included an analysis of the statements of intent and interviews, based on previously communicated criteria. Considering the current operational and strategic context of the company and the complexity of the mandate, during the Supervisory Board meeting on November 26, 2025, the Board concluded that no candidate fully meets the requirements associated with the CEO position at this time,” the report reads.
The Supervisory Board has decided to immediately restart the selection process. “To ensure operational continuity until the completion of the selection, the Supervisory Board maintains interim measures regarding the assumption of the CEO and CFO duties. Maintaining competence standards is a legal obligation, not an option, and the outcome of the selection process reflects the correct application of the legal framework as well as adherence to good practices,” the company also said in its report.
The CEO position at Hidroelectrica became vacant after Károly Borbély announced his departure on September 19. At that time, Hidroelectrica informed shareholders and investors that, during the September 19, 2025 meeting, the Supervisory Board, together with Károly Borbély – Chairman/CEO, and Marian Fetita – Board Member/CFO, agreed to terminate their mandate contracts by mutual consent, effective September 19, 2025.