Third time's a charm? Romanian energy producer Hidroelectrica re-starts management recruitment process

Romanian state – owned company Hidroelectrica has started a new recruitment process for its private management, according to an announcement posted on the company’s website. This is the company’s third take at recruiting new managers. The first two selection processes didn’t have any success. the company did not hire new directors, and spent some EUR 200,000 on recruiting companies, according to Hotnews.ro. In 2012, Hidroelectrica signed a contract with Egon Zehnder International for EUR 200,000, under which the company was supposed to select a general manager, and the contract expired in the meantime, according to Hotnews.ro. Another recruitment process started in March 2013, when he company was planning to hire 67 managers. The recruitment process was carried on by Hidroelectrica in partnership with executive search company Pedersen & Partners. The candidates chosen for each position were supposed to be announced in late-May, but this never happened, reports Hotnews.ro. The Romanian energy producer was under insolvency for a year, between June 2012 and June 2013. The Romanian State through the Ministry of Economy - Department of Energy owns some 80 percent in Hidroelectrica, while a share of 19.9 percent is held by investment fund Fondul Proprietatea. The company recorded a profit of around EUR 109 million (RON 481 million) in the first half of 2013, compared to a loss of RON 202 million reported in the same period in 2012. Irina Popescu, irina.popescu@romania-insider.com