October 16 (SeeNews) - Romanian power supplier and distributor Electrica [BSE:EL] said on Tuesday it has named Georgeta Corina Popescu an interim chief executive officer.
Georgeta Corina Popescu will replace Dan Catalin Stancu for a period of one year starting November 1 or until the nomination of a new CEO – whichever occurs first, Electrica said in a filing to the Bucharest Stock Exchange, BVB.
Stancu's contract was terminated by mutual consent. Since June, Corina Popescu has been general manager of the power distribution company Muntenia Nord, part of the Electrica Group.
Electrica swung to a consolidated net profit of 59 million lei ($15 million/13 million euro) in the first quarter of 2018, compared to a 51 million lei loss in the prior-year period.
At the end of January, Electrica said it plans to invest 900 million lei in 2018 in the rehabilitation and upgrade of its distribution network in order to improve the quality of service and energy efficiency and reduce grid losses by 40%. Also, the company will invest in increasing its operational efficiency.
Blue-chip Electrica, in which the state owns a stake of 48.8%, is listed on the BVB and the London Stock Exchange.
Its shares changed hands 10.95% higher at 10.62 lei by 1159 CET on Tuesday on the BVB.
(1 euro=4.6677 lei)