Transelectrica Bucuresti, the state owned company that holds the monopoly for energy transport in Romania, changed its CEO after less than a year since the company brought in its first CEO from the private sector - under the private CEO for state-owned companies program).

Stefan Bucataru, who has been leading the company since June 2013, stepped down on May 10 and will be replaced by Ion-Toni Teau, who was the president of Transelectrica’s supervisory board, according to a report the company published on the Bucharest Stock Exchange (BVB).

Bucataru’s replacement comes unexpectedly taking into consideration that Transelectrica posted a RON 201 million (EUR 45.5 million) net income for 2013, 5.8 percent higher than the year before, and in the first quarter of 2014 the company’s profit grew by 49 percent, to RON 136 million (EUR 30.6 million). Revenues grew by 21 percent in the first quarter, to almost RON 700 million (EUR 157 million).

Toni Teau is president of the Chamber of Romanian Fiscal Consultants and prior to his election in the Transelectrica supervisory board he was CEO of ceramics manufacturers Lasselsberger Bucuresti and Sanex Cluj. He graduated the Bucharest Economic Studies Academy (ASE) and has a doctorate in economics.

The Romanian Government holds a 58.7 percent stake in Transelectrica and the main minority shareholders are closed investment funds Fondul Proprietatea, with a 13.5 percent stake, and SIF Oltenia, with about 7 percent. The company’s shares are traded on the Bucharest Stock Exchange with the symbol TEL. Transelectrica shares have a 25.7 percent growth year-to-date, compared to a 1.8 percent growth for the BET Index, which follows the ten most traded shares on the Romanian market.

The company currently has a market capitalization of RON 1.48 billion (EUR 334 million).

Andrei Chirileasa, andrei@romania-insider.com