The mandate contract of Hidroelectrica’s Chairman of the Board/CEO, Karoly Borbely, and Marian Fetița, member of the Board/CFO, has been terminated by mutual agreement effective Friday, September 19, 2025, the electricity producer announced.
The Supervisory Board decided, as a result of the vacancy of the two positions in the Board of Directors and to ensure the stability of the company’s governance and activity, to take over the duties of CEO by Bogdan Badea, member of the Board of Directors, and those of CFO by Radu Constantin.
“Hidroelectrica, the largest electricity producer in Romania and one of the most important players in South-Eastern Europe, informs that, during the Supervisory Board meeting of September 19, 2025, it was decided, in common agreement with Mr. Karoly Borbely – Chairman of the Board/CEO, and with Mr. Marian Fetița – Member of the Board/CFO, to terminate the mandate contracts starting with September 19, 2025. The decision comes in the context of the obligations assumed by Romania within Milestone 121 of Component 6 – Energy of the National Recovery and Resilience Plan (PNRR), as well as of the European Commission Decision C(2025) 3490 of May 28, 2025, which ordered the partial suspension of payments, with a 6-month remediation period for the aspects related to the aforementioned milestone,” it is stated in a statement sent to AGERPRES.
At the same time, the Ministry of Energy, by its address of September 18, 2025, requested the prompt implementation of the necessary measures to correct the deficiencies reported by the European Commission regarding the situation of the company’s Board of Directors.
“Mr. Karoly Borbely and Mr. Marian Fetița were not accused of any irregularities and the legality of the selection procedure for the positions of CEO and CFO, respectively, was not questioned, as evidenced by the feedback received from interactions with stakeholders. Thus, Mr. Karoly Borbely, Mr. Marian Fetița and the members of the Supervisory Board of Hidroelectrica reached a consensus to terminate their mandates in order not to deprive Romania of the money from the PNRR”, the press release states.
The Supervisory Board of Hidroelectrica emphasizes its commitment to ensuring a high standard of corporate governance and to protecting the interests of shareholders and the company.
Until a new management is appointed, the Supervisory Board will take the necessary measures to ensure the continuation of the company’s activity and proper functioning.