Business Forum • 19 September, 2025 at 7:36 PM
Karoly Borbely, Chairman of the Management Board and CEO, and Marian Fetiţa, Member of the Management Board and CFO, have mutually agreed to terminate their mandates at state-owned power producer Hidroelectrica.
The decision was made during a meeting of the Supervisory Board on September 19 and is effective immediately, according to a statement submitted to the BVB.
The announcement comes after the Ministry of Energy requested prompt action to address issues raised by the European Commission (EC).
The EC's decision C(2025) 3490 of May 28 partially suspended a payment to Romania, requiring the country to remedy the situation identified in Milestone 121 of the National Recovery and Resilience Plan (PNRR) within six months. The Ministry of Energy had previously sent letters on July 4 and September 17, urging the implementation of measures to resolve the management board's issues. The matter was also discussed during a government meeting on September 11.
The Supervisory Board stated that its monitoring of corporate governance practices, in accordance with legal provisions for a listed company, led to the mutual agreement. The board's focus was on protecting the integrity of the company's interests and those of all shareholders, according to the statement.
In addition, the board decided to appoint Bogdan-Nicolae Badea, a member of the Directorate, as CEO and Radu-Ioan Constantin, also a member of the Directorate, as CFO.