Romania Transelectrica Head Steps Down

Adrian Baicusi, general manager of Romania’s state-run power grid operator Transelectrica (TEL.RO), has resigned from his position effective November 15, a company official said Tuesday.

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Baicusi announced his resignation at a board meeting, but didn't give a reason for his decision, Florin Staicu, PR adviser at Transelectrica told Mediafax.

Baicusi wasn't immediately available for comments.

He was appointed general manager at Transelectrica in January 2009.

Romanian Economy Ministry owns 73.6% in Transelectrica, while investment fund Fondul Proprietatea holds a 13.5% stake. Another 12.81% of the company's shares are traded on the Bucharest bourse.

The company reported a consolidated net loss of 67.3 million lei (EUR1=RON4.2744) in the first half of the year, due to higher financial costs

Tuesday, Transelectrica closed flat at RON17.8 a share.

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