Battered Romanian national airline TAROM appoints new CEO

The board of directors at TAROM, Romania’s national airline, took note of the end of Mihăiță Ursu’s term as CEO and decided to replace him with Costin Iordache, the company’s financial director.

"Today, January 4, 2023, the Board of Directors of the Romanian National Air Transport Company TAROM took note of the expiration of the term of office of CEO Mihăiță Ursu, a position he held in the last year and during the June 2020 - June 2021 period. Taking into account the need to ensure continuity for the initiatives started by the company, the Board of Directors of the National Romanian Air Transport Company TAROM appointed Mr. Costin Iordache, who at the time of appointment held the position of director financially within the company, as interim General Manager,” the company says in a press release cited by Digi24.

Mihăiță Ursu, trained as a geodetic engineer, was also an administrator at the Romanian Post Office and a referent at the Public Domain Administration office of Bucharest’s District 4. During his mandate, the airline switched to a low-cost model.

Back in August, he told journalists that TAROM had been a cash cow – meaning a venture that generates profits that far exceed the outlay of cash required to acquire or start it – for different groups. He also said that the company signed numerous contracts under the influence of the unnamed groups. “When you see that there are several directors in TAROM who have the same last name and are relatives, then something is off and needs to be investigated,” Ursu noted during the interview.

According to the information on the company's website, the gross remuneration of TAROM's general manager is RON 37,000 (EUR 7,000) per month.

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