Transelectrica will waive the provisory management; Cătălin Nițu, president of the Directorate for two months

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Bogdan Tudorache

Transelectrica announces that it will waive the provisory management, and will finalize the “selection procedure of the members of the Directorate of the National Energy Transport Company … under O.U.G. no. 109/2011” within a short interval.

Meanwhile, the company has appointed new interim managers for a period of two months.

“As the mandate of the current members of the Board of Directors ends legally on April 20, 2020, the National Electricity Transport Company Transelectrica SA informs the shareholders and investors that, at the meeting on April 08, 2020, the Supervisory Board extended the mandates of provisional members of the Board of Directors, starting with April 21, 2020, for a period of two months, to the following persons: Cătălin Nițu, Ionuț-Bogdan Greece, Andreea-Mihaela Miu and Corneliu Bogdan Marcu,” the report sent to the Bucharest Stock Exchange shows.

The company ”appointed as provisional member of the Board of Directors, starting with April 21, 2020, for a period of two months, Mr. Marius Viorel Stanciu and elected as Chairman of the Board of Directors, alternatively named Chief Executive Officer or Chief Executive Officer – CEO – of the Company of National Electricity Transport Transelectrica SA, starting with April 21, 2020, for a period of two months, Mr. Cătălin Nițu.”

However, the press release states that the procedure for selecting long-term managers is underway.

“The duration of the mandates of the provisional members of the Board of Directors will not exceed the date of the completion of the selection procedure of the members of the Board of Directors of the National Transmission Electricity Company under the conditions of the O.U.G. no. 109/2011, if the procedure will be completed within this interval.”

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