Bucharest Bourse Dismisses General Manager Over Poor Performance

11.17.2011 By Florentina Dragu

The shareholders of the Bucharest Stock Exchange Thursday relieved Valentin Ionescu of his general manager duties, citing several reasons for the move, including insufficient commitment and a poor performance.

Ionescu failed to fulfill the performance criteria assumed at the beginning of his mandate, with a success ratio of only 10%, the exchange said in a statement.

Additionally, Ionescu paid insufficient attention to the development of the stock exchange's strategy, which led to unjustified increases in operational risks, the market operator noted.

Ionescu will be replaced by deputy general manager Alin Barbu who will act as interim until a new general manager is appointed.

Ionescu was appointed head of the stock exchange in 2010.

Contacted by Mediafax, the exchange's Board Chairman Stere Farmache said Ionescu will be given compensatory payments, but declined to give any figures.

"It's confidential. All I can tell you is that the amount is reasonable," Farmache said.

Farmache added that the board will not search for a new general manager for now, but will wait for the next shareholder meeting when they will discuss whether to dismiss the current managers.