CEO of Romanian gas producer Romgaz removed from office

Romgaz

The Board of Directors of state-owned gas producer Romgaz, one of the most profitable companies in Romania, decided on Thursday to lay off the company’s general director Virgil Metea, due to management issues.

Corin Cindrea will take over the office for four months, according to a report sent to the Bucharest Stock Exchange.

Virgil Metea failed to comply with and implement the decisions of the control and regulatory authorities, but also of the Board of Directors, according to the report. Metea was appointed Romgaz general manager in 2013. He previously worked as general manager of E.ON Moldova Distributie, E.ON Gaz Distributie, E.ON Gaz Romania, as well as in other management offices.

The Energy Ministry holds the majority 70% stake in Romgaz. The company recorded a net profit of over RON 1.18 billion (EUR 254.6 million) in the first nine months of this year, up 65.9% year-on-year. It has a market capitalization of RON 11.8 billion (EUR 2.54 billion).

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