State-controlled company Transelectrica, which operates Romania’s power grid, changed its CEO on Friday, May 4.

The company’s Supervisory Board named Adrian-Constantin Rusu as head of the Directorate. He will replace Georgeta-Corina Popescu, who has been the company’s CEO since June last year. The change becomes effective on May 7, the company announced.

Popescu will remain a member of the company’s Directorate but her mandate as CEO was not renewed due to political reasons, according to sources within the company quoted by News.ro.

Transelectrica has 2,200 employees and is controlled by the Economy Ministry. The company recorded an accounting loss of RON 47.9 million (EUR 10.3 million) in 2017, due to negative impact from an audit of its activity in the previous years. The company’s revenues also declined last year as the tariffs for its main services were cut.

Transelectrica’s shares have dropped by a third in the last year and are currently trading at their lowest level in over four years. The company has a market value of EUR 344 million.

editor@romania-insider.com