Romanian investor hires new CEO for his growing chemical business

Romanian Petru Vaduva, the former CEO of state-owned gas transporter Transgaz, will take over as general manager of chemical producer Chimcomplex Borzesti after the company will complete the purchase of former state-owned chemical plant Oltchim Ramnicu Valcea. Chimcomplex is owned by Romanian investor Stefan Vuza, who plans to create a big Romanian chemical company, which will include the two industrial sites. Petru Vaduva, who has graduated an MBA program at Yale Business School and has worked for several international investment banks, was CEO of Tiriac Holding from 2009 until 2013, when he was named as CEO of Transgaz. Vuza will also bring Dutch financial consultant Peter Bombeld and former Transelectrica CEO Stefan Bucataru in the board of his new company. Chimcomplex offered to pay EUR 127 million for the most important assets of Oltchim, which has been in insolvency since 2013, and plans to invest another EUR 70 million in the company in the next three years. Romanian chemical producer posts best results since becoming insolvent editor@romania-insider.com