Prima pagină » Economic » TMK Europe To Cut No Of Romanian TMK-Artrom Slatina Board Members

TMK Europe To Cut No Of Romanian TMK-Artrom Slatina Board Members

Russia's TMK Europe, the majority shareholder of Romanian pipe producer TMK-Artrom Slatina SA (ART.RO), plans to reduce the number of board members of Artrom from nine to seven and to name Adrian Popescu, one of the board members, as general manager.
Bogdan NeaguGabriela Stan
31 mart. 2009, 13:20, Economic

The majority shareholder proposed the revoking of the nine board members and the setting up of a new board made of seven administrators.

Thus, Sergey Ashin, Adrian Popescu, Andrey Zimin and Alexander Gryzunov, are proposed for a new mandate, while Khmelevsky Igor, Petrosyan Tigran, Mustata Valeriu, Drinciu Cristian, Cristiana Vaduva will be replaced with Evgeny Makarov, Dmitry Chernichenko and Konstantin Semerikov.

The new TMK-Artrom Slatina board structure would thus be similar with that of steel mill TMK Resita, also owned by TMK Europe. Adrian Popescu will be the general manager of both companies.

The Russian group owns an 80.55% stake in TMK-Artrom Slatina, while the rest of the shres are held by investment fund SIF Oltenia.

TMK-Artrom Slatina reported a preliminary net profit of 21.4 million lei (EUR1=RON4.2392) in 2008, down 66% on the year, while its revenues rose 56% at RON640 million.