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Telekom Romania renews CEO's mandate by one year

Telekom Romania renews CEO's mandate by one year Miroslav Majoros Telekom CEO Author (Telekom) License: All rights reserved

BUCHAREST (Romania), December 2 (SeeNews) - Telekom Romania on Monday announced the renewal of Miroslav Majoros’ tenure as CEO for one more year.

Majoros' new tenure will commence on January 1, Telekom Romania said in a press release.

He has been serving as CEO of Telekom Romania as of January 1, 2016.

"The company’s results show that Miroslav and the management team are leading Telekom Romania in the right direction. Telekom Romania will stay on its transformation path, to the benefit of its customers, employees and shareholders alike," OTE Group  chairman and CEO Michael Tsamaz said. Tsamaz is also chairman of the board of Telekom Romania Communications.

At the end of July, Telekom Romania announced it will lay off 692 of all 5,831 people it employs, as part of a reorganisation programme which began over two years ago.

The group will dismiss 438 employees of Telekom Romania Communications and 254 people at Telekom Romania Mobile Communications, Telekom Romania said at the time.

Telekom Romania's adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) fell 17.5% year-on-year in the first nine months of 2019 to 92.1 million euro ($100.2 million).

OTE is present in Romania since 2014 through Telekom. OTE's units in Romania - fixed-line operator RomTelecom and mobile operator Cosmote - were rebranded as Telekom Communications Romania and Telekom Mobile Romania, respectively, in September 2014.  

Telekom Communications Romania is owned by OTE with 54% and by the Romanian communications ministry with 45.99%, while Telekom Mobile Romania is owned by OTE Group member Cosmote Mobile Communications with 69.9%, Telekom Romania Communications with 30% and minority shareholders.

($ = 0.9088 euro)