Vaduva’s appointment became effective Tuesday.

Vaduva, who previously served as chief executive officer of Tiriac Holdings Ltd., was elected in Transgaz’s board in early April.

Transgaz is 58.51%-owned by the state, while investment fund Fondul Proprietatea (FP.RO) has a 15% stake.

The company reported a net profit of 181.5 million lei (EUR41.4 million) in the first quarter, down 4.1% on the year.

Tuesday, Transgaz closed flat at RON205 a share in Bucharest.