The Board of Directors of Electrica, one of the most valuable companies where the state is the main stakeholder, has appointed Romanian Dan Catalin Stancu as general manager. His four-year term will start on October 24.

The former GM Ioan Rosca resigned in March. Since then, Iuliana Andronache, the company’s CFO, has also acted as interim CEO.

Dan Catalin Stancu, 53, has a career of over 26 years in the electricity and natural gas sector. He worked more than 19 years within Electrica, which he left in 2009.

He held various offices including director of corporate affairs and privatization. He was also a board member of Electrica Muntenia Nord, Electrica Distributie Transilvania Nord, Electrica Furnizare Transilvania Nord, E.ON Moldova, and CEZ Oltenia.

After 2009, Stancu has worked for E.ON Romania, the local subsidiary of German utilities group E.ON. He was director of strategy and corporate development and a board member of E.ON Distributie Romania and E.ON Renewable.

Electrica is one of the biggest utility companies in Romania. It has some 10,000 employees and serves over 3.6 million customers. The Electrica group had consolidated sales of EUR 577 million and a consolidated net profit of EUR 62 million in the first six months of this year.

Electrica’s shares are trading in Bucharest and London and the group has a market capitalization of EUR 1.06 billion. The state holds almost 50% of its shares.

editor@romania-insider.com