Victor Cionga, the former CEO of the Bucharest Stock Exchange (BVB), is the new board president for electricity distribution company Electrica, with a mandate until January 2016, the company announced.

Cionga was CEO of the BVB from September 2012 until March 2013, when he was removed by the board for “not restructuring the company fast enough”. He previously worked as an investment banker with Raiffeisen Financial Advisors Romania and with adjunct Raiffeisen Capital & Investment, as GM and deputy GM, respectively.

Electrica, which was listed on both the Bucharest Stock Exchange and the London Stock Exchange this year, recently chose its new board. Besides Cionga, the board includes Victor Vlad Grigorescu, Cristian Buşu, Arielle Malard de Rothschild and Michael Adriaan Maria Boersma, with a four-year mandate.

Electrica is the largest electricity distributor in Romania and holds more than a third of the market. The state currently owns 49% of the company, while the remaining 51% are held by private investors who bought the shares either in the initial public offering (IPO), in June this year, or afterwards directly from the market.

Electrica has a market capitalization of EUR 950 million and is one of the largest local listed companies.

editor@romania-insider.com