“Todea expressed in writing his intention to resign his positions of chairman of the board and member of the board,” Oil Terminal said.
Oil Terminal didn’t give a reason for Todea’s intention to step down.
The company previously denied local reports about Todea being replaced as head of Romania’s largest terminal at the Black Sea.
Todea was appointed at the company’s helm in November 2011, when he replaced Silviu Ioan Wagner.
Oil Terminal has switched to a loss of 1.1 million lei (EUR0.24 million) in the first quarter, versus profit a year earlier, hit by low demand for petroleum products.
Earlier this year, Oil Terminal was forced to cut working hours to four days a week because of low demand, in a move to reduce personnel costs. However, the employees were unhappy with the decision and staged a strike, demanding a 3.4% salary increase, which was later accepted by the company.
The company is 59.6% owned by the Economy Ministry, while investment fund Fondul Proprietatea holds 8.45%.
At around 11:00 am Friday, Oil Terminal’s shares traded up 5.11% at RON0.1399 in Bucharest, amid a rising market. (EUR1=RON4.4646)