The company’s new Board includes former astronaut Dumitru Prunariu, banker Dan Pascariu, former minister Lucian Isar, and Marius Ghenea, a well-known entrepreneur and business angel.
It also includes Ciprian Ladunca, chief financial officer of insurance company Metlife Alico Romania, Valentin Macec, personal advisor of transport minister Silaghi, and Heinrich Vystupil, a former executive with Austrian Airlines.
Silaghi said the new board members were appointed to a four-year term and are all tasked with make Tarom a profitable company.
Tarom’s new managing board will appoint one of its members as chairman in its first meeting likely to be held Wednesday, October 17.
Silaghi said the ministry will sign a contract of mandate with Tarom’s new managers who, he added, are further tasked with working on a strategy to sell or not a 20% stake or more of Tarom shares.
Transport Ministry officials also said the salary and performance criteria for the company’s general manager will be established by the new board members and the pay will be comparable to the amount cashed by other heads of airline companies.
The next companies to get private management are navigable Danube canal administrator Administratia Canalelor Navigabile and port administrator Administratia Porturilor Maritime Constanta.
Early September, Romanian Prime Minister Victor Ponta said Tarom will most likely be the first state company to have private managers, probably a foreign manager.
Tarom is controlled by the Transport Ministry which selected in July the consortium PwC/D&B David and Baias/George Butunoiu to recruit private general managers and managing board members for the companies under its authority with turnover higher than EUR7.3 million. The companies targeted are railway operator CFR SA (CFR Infrastructura), passenger railway carrier CFR Calatori, airline Tarom, national roads authority CNADNR, subway operator Metrorex, the Bucharest Airport National Company (CNAB), port administrator Administratia Porturilor Maritime Constanta, navigable Danube canal administrator Administratia Canalelor Navigabile, Timisoara International Airport “Traian Vuia” and Telecomunicatii CFR.
Under standing agreements with the IMF and the EC, Romania’s Government has pledged to appoint private management at 48 state-owned companies.