The Board of Directors of Romanian state-owned gas producer Romgaz (SNG) dismissed the company’s CEO Adrian Volintiru, according to a report sent to the Bucharest Stock Exchange on Wednesday, January 13.

Deputy general manager Daniel Corneliu Pena will temporarily take over the CEO’s duties until the board names another general manager.

Volintiru was appointed as CEO of Romgaz in June 2018.

Initially he had a mandate of four months which changed into a four-year mandate in October 2018.

Romgaz is one of the most valuable state-owned companies in Romania, with a market capitalization of RON 11.8 bln (EUR 2.42 bln), as of Wednesday, January 13.

The state holds a 70% stake in the company, while the remaining 30% of the shares are held by investors on the Bucharest Stock Exchange and London Stock Exchange.

(Photo:Romgaz Facebook Page)

andrei@romania-insider.com