Ion Tiriac Group appoints new CEO

As of January 2009, Tiriac Holdings, controlled by billionaire Ion Tiriac, one of the wealthiest Romanian businessmen, has appointed a new CEO, Petru Vaduva, aged 48.

Some of Vaduva’s new duties as CEO will be to upgrade activities of the group and to increase profit margins of deals ran by operational companies within it.

Petru Vaduva replaced Anca Ioan, one of the best known managers locally.

“Appointing to the helm of Tiriac Holdings an expert in management and financial audit, with proven expertise in projects ran in the emerging markets, will contribute to the strengthening of our business. In the midst of a weakening economy, we have considered that the professional profile and extensive experience of Mr Vaduva match perfectly with our Group’s profile and development targets”, said Ion Alexandru Tiriac.

Graduate of MBA at Yale Business School (USA), Petru Vaduva has an extensive experience in financial investment management. Before Ion Tiriac Holdings, he was top-line manager at large companies in United States and Europe, such as JP Morgan, Bear Stearns, Caspian Securities, Renaissance Capital, SEB Investment Mgt, CLSA London and UralSib. In 2007, Petru Vaduva returned in Romania as Chief Investment Officer at Intreprid GEM.

“I am confident that the appointment at Tiriac Holdings management is a positive strategic step, both for the team I will be part of, and for me personally. I am confident that the accustomedness and flexibility I have gained in economic, financial or legislative fields will help me achieve the business objectives I have set alongside Tiriac Holdings’ shareholders”, Vaduva said in a statement.

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