The two companies are controlled by the Transport Ministry.
The new members of the Managing Board of the port administrator are: Razvan Badalicescu (former corporate banking vice-president at Citibank), Viorel Panait (president and general manager of port operator Comvex Constanta), Valeriu Ionescu (managing partner of consulting company Valeriu Ionescu & Asociatii) and lawyer Cristina Flavia Teodosiu Anastasiu.
The Board also includes representatives of the company’s minority stockholders, namely investment fund Fondul Proprietatea (FP.RO) and the Constanta City Hall, said the ministry.
The company’s CEO is Lucian Balut, head of the Social Democratic Party’s branch in Constanta.
According to Finance Ministry data, the company registered turnover of 218.5 million lei (EUR47.7 million) in 2010 and net profit of RON24.6 million.
The Danube canal administrator’s Board is made up of Cornel Panait, Mihai Darie (former CFO of Fondul Proprietatea) Mugur Popescu (deputy general manager of private pension fund Aviva Pensii), Alexandru Frangulea (head of the Department for corporate network and public sector at lender BCR), Radu Mircea Aurelian Trifa, and Fondul Proprietatea representative Calin Metes, analyst at Franklin Templeton’s Bucharest subsidiary.
The current general manager of the company, Daniel Georgescu, will serve as CEO.
Administratia Canalelor Navigabile registered turnover of RON35.9 million and net profit of RON2.5 million in 2011.
Under standing agreements with the IMF and the EC, Romania’s Government has pledged to appoint private management at 48 state-owned companies.
The first company controlled by the Transport Ministry which named private managers is airline Tarom. Heinrich Vystoupil, former head of Austrian Airlines Romania and Moldova, has been appointed chief executive officer, while Dan Pascariu, president of UniCredit Tiriac Bank, has taken over as president of the Board of Directors.
In July, Romania’s Transport Ministry selected 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. (EUR1=RON4.5757)