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Romania's Transgaz appoints new director general, CFO

Romania's Transgaz appoints new director general, CFO Transgaz. Author ( License: all rights reserved.

BUCHAREST (Romania), August 24 (SeeNews) - Romanian gas transmission company Transgaz [BSE:TGN] said on Thursday it named Ion Sterian as director general and Marian Vasile Lupean as chief financial officer (CFO).

The procedure for the selection of the two officials was carried out by Transgaz's administration board and by its Nomination and Remuneration Advisory Committee, without the assistance of any independent HR consultant, Transgaz said in a statement filed with the Bucharest Stock Exchange, BVB.

Starting May, Sterian served as Transgaz's interim director general after the former director Petru Vaduva resigned due to personal reasons.

Transgaz's first-half net profit rose 42% on the year to 400.9 million lei ($103 million/87.3 million euro), while turnover jumped 26% to 1.02 billion lei.

At the beginning of August, Transgaz said it has formed a consortium with France's GRTgaz to submit a letter of intent to acquire 66% of the shares of Greek gas transport operator DESFA.

Majority state-owned Transgaz is a component of the bourse's blue-chip index, BET. Its shares were trading 0.25% higher at 406 lei on Thursday at 1551 CET.

(1 euro=4.4592 lei)