The Board of Directors of Electrica revoked Corina Popescu from the position of CEO

The Board of Directors of Electrica SA revoked Georgeta Corina Popescu from the position of Chief Executive Officer, without cause, starting with 16 May 2022, this being the last day when the mandate contract takes effect.

“The Board of Directors thanks Mrs. Corina Popescu for her activity, for the significant changes she drove within Electrica Group, and it wishes her all success in her future projects,” said Cristian Bosoancă, President of the Board of Directors Electrica S.A.

Corina Popescu stated: “The key words that guided me over these 3 years of my mandate were the stabilization, consolidation and diversification of the Electrica Group’s operations in the production and energy services segments. It was a difficult market context, marked by the accelerated increase in acquisition costs of electricity, the COVID-19 pandemic, the uncertainties generated by the changes in the legislative framework with impact on the financial statements of the operators. In this harsh context and in a period marked by volatility and complexity, we have adopted a series of measures to prepare the Electrica Group to act more agilely across business lines and to strengthen its resilience to other challenges that may occur in the future. The consolidation and sustainable development projects on all business lines were supported by the acceleration of digitalization and the development of the renewable production area.

I started my professional career in Electrica, I returned gladly to the company where I identified myself with every project I have developed here, together with the entire team that I want to thank for the support provided in all these years”.

The Board of Directors will promptly start a transparent recruitment process, through its Nomination and Remuneration Committee, to select a successor. In order to ensure the operations’ continuity, the Board has appointed Chirita Alexandru-Aurelian as interim CEO, starting with May 17, 2022, for a period of 3 months, or until the appointment of a new CEO, respectively until the revocation.