Hidroelectrica has a new Financial Manager. More changes to come

Remus Borza, the judiciary administrator of Hidroelectrica, announces major changes within the company’s management. The first one – Adrian Gheorghe, who has been today appointed as Manager of the Financial Department, replacing Gergeta Iosif that has had this position since 2012.

“I am committed to implement a professional management at Hidroelectrica, to bring people who have the courage to undertake decision, vision, pragmatism and who have the necessary creativity for restructuring, streamlining and increasing competitiveness within one of the most valuable state-companies”, Remus Borza said, according to a press release.

Over the past 20 years, Adrian Gheorghe has had various executive positions within the financial departments of companies or banks such as Price Waterhouse Coopers, ABN Amro Bank Romania, Raiffeisen Bank Romania and Mandy Foods International.

There will be several other changes performed inside the company within the next two months: “Poor management was one of the nine issues which lead to Hidroelectrica’s insolvency. That was the reason for launching an extraordinary campaign in Romania to recruit professionals for top management positions (...) In the next two months, 80 percent of the company’s management, both the executive management and that of its branches, will be changed”, according to Borza.

After carrying out its reorganization last summer, Hidroelectrica is insolvent again following the decision of the Bucharest Court of Appeal that admitted last month the appeals of some energy traders against the termination of the bilateral contracts through which they had access to underpriced electricity. During the first stage of insolvency, the judiciary administrator terminated those contracts that generated major loss for Hidroelectrica, the company still struggling to cover the remaining outstanding debt.