Olteanu, 32, has been with Flanco for ten years and took over the position of chief executive officer in 2009, along with start of insolvency proceedings, which ended in less than a year.
Luca has been deputy CEO with Flanco since April 2012. She had been working for Whirlpool Romania for eight years before joining Flanco in August 2011.
Flanco has recently announced that Iulian Stanciu bought the stakes owned by Sebastian Ghita in Flanco and electronics distributor Network One Distribution (NOD), becoming sole shareholder in the two companies. Ghita previously held a 50% stake in Flanco and NOD.
Flanco, one of the largest local retailers of electronics and household appliances, reported a turnover of EUR110 million and operating profit of EUR3.5 million in 2011.