Electrica Board of Directors revoked CEO Corina Popescu without cause

The Board of Directors of Electrica revoked 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 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 Bosoanca, President of the Board of Directors Electrica.

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 start a recruitment process, through its Nomination and Remuneration Committee, to select a successor. In order to ensure the operations’ continuity, the Board has appointed Alexandru-Aurelian Chirita 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.

Corina Popescu is an internationally recognized executive with an impressive experience in the field of electricity and natural gas.

In May 2018, she was appointed as CEO of Societatea de Distributie a Energiei Electrice Muntenia Nord, part of Electrica Group and from 1 November 2018 she also took over the position of Interim CEO of Electrica S.A.

Starting with 1 February 2019, until now, Corina Popescu held the position of CEO of Electrica.

Corina Popescu graduated the Faculty of Power Engineering of the University Politehnica of Bucharest, Power Engineering Systems department and she started her professional career within Sucursala de Distribuție și Furnizare a Energiei Electrice București (Bucharest Electricity Distribution and Supply Subsidiary).

Since 2007, she has moved to the private sector, holding important positions within E.ON Romania Group and OMV Group.

Between December 2015 and February 2017, Corina Popescu held the position of State Secretary within the Ministry of Energy, period in which she was also part of the Board of Directors of Electrica S.A. In May 2017, she was appointed in Transelectrica’s Directorate, and between June 2017 – April 2018 she held the position of Chair of Directorate of Transelectrica.

In May 2021, Corina Popescu was elected Vice-President of Eurelectric, an association representing over 3,500 companies of production, distribution and electricity supply, in the European Union.