March 25 (SeeNews) - Montenegro's majority state-owned power utility Elektroprivreda Crne Gore's (EPCG) [BEL:EPCG] board of directors appointed Nikola Rovcanin new CEO, the company said.
Rovcanin will take office on March 25, replacing Igor Noveljic, EPCG said in a statement on Wednesday.
EPCG board expressed hope that the newly elected CEO, together with his team, will manage the company much more successfully and achieve positive results, EPCG said.
Last week, the shareholders of EPCG approved the appointment of Milutin Djukanovic to the position of company president. The company's extraordinary shareholders meeting also approved the appointment of Mirjana Cizmovic, Rajko Radusinovic, Aleksandar Dozic, Nenad Markovic, Jovan Radosevic and Milun Bozovic as board members.
In January, capital investments minister Mladen Bojanic said Montenegro's government decided to dismiss the board of directors of EPCG due to conflict of interest of its then president Djoko Krivokapic.
Montenegro's state directly owns a 88.6% stake in the capital of EPCG. The company controls a 10% shareholding interest itself, while the remainder is owned by other minority shareholders.