Romanian Transelectrica Names Adrian Vevera As New Board Chairman

Hahaianu was replaced by Adrian Victor Vevera, who served as a personal adviser to Prime Minister Emil Boc. Besides his attributions as chairman of the board, Vevera will also replace Ionel Florin in the board’s membership, following the latter’s dismissal.

Transelectrica is 73.68%-owned by the Economy Ministry. Per a decision issued last year, the positions of chairman of the board and of general managers in the companies managed by the ministry cannot be held by the same person.

Transelectrica estimates its pretax profit will more than double to 51.7 million lei (EUR11.9 million) in 2012, from RON25 million a year earlier, despite a 5.7% decline in revenues to RON2.62 billion.