Transelectrica GM Adrian Baicusi resigns, former GM takes back helm

Adrian Baicusi (in picture), the general manager of Romania’s state-run power grid operator Transelectrica (BVB ticker: TEL), will be replaced by Stelian Alexandru Gal, the former GM of the company, effective November 15, according to a news release sent to the Bucharest Stock Exchange (BVB). Baicusi was appointed general manager at Transelectrica in January 2009 by the former Minister Adriean Videanu, replacing Stelian Alexandru Gal. Baicusi had previously led the local subsidiary of Siemens for five years until 2008. Baicusi announced his resignation at a board meeting, but didn't give a reason for his decision, Florin Staicu, PR adviser at Transelectrica told Mediafax newswire. Baicusi wasn't immediately available for comments. The change in management was approved by the Minister of Economy and Commerce, Ion Ariton, according to the BVB document. Romanian Economy Ministry owns 73.6 percent in Transelectrica, while investment fund Fondul Proprietatea holds a 13.5 percent stake. Another 12.81 percent of the company's shares are traded on the Bucharest Stock Exchange. Gal has been working in Transelectrica for ten years and was general manager from November 2005 until January 2009. In the last two years he has managed Transelectrica’s Transmission Subsidiary of Sibiu. editor@romania-insider.com