BSE's chairman and chief executive Stere Farmache resigns

BSE said its chairman and chief executive, Stere Farmache (photo) has resigned and is being replaced by Anca Dumitru, director of Rasdaq stock market.

[Update 4]: “The decision came as a surprise to everybody. It is not the best moment, Stere Farmache was the figurehead of the Stock Exchange until now, and this decision highlights instability within the institution. The capital market and Romanian economy is undergoing a difficult time and his resignation as chief executive will only maximize uncertainties in the market”, said the manager of a SSIF.

Silviu Enache, manager of KD Capital Management said it was not the best moment for a decision like this, but we must be aware of the fact that BSE team is solid, and would carry on its activity. “Stere Farmache’s decision is not so dramatic, it would have been even worse if he hadn’t remained as chairman of the institution. Farmache knows best his staff and the resources and the projects proposed at the general meeting of shareholder will surely move forward”, Silviu Enache told Wall-Street.

[Update 3]:
“The decision of Mr Stere Farmache was made after an incoming offer from the private environment, nevertheless he will still serve as chair of this institution. The decision to appoint Anca Dumitru as chief executive is welcomed, as she has an extensive experience in the field, being a true professional,” Mirela Maxim, manager of Bucharest-based branch of Interdealer Capital Invest, told Wall-Street.

She stressed that during the yesterday’s General Meeting of Shareholders, chairman of BSE had not disclosed any intention of leaving his position. “The decision of separating the chairman position from the chief executive one was probably entailed by BSE’s plans to float on the stock market”, said Mirela Maxim.

[Update 2]:
Anca Dumitru, former director of Rasdaq-ATS will take over tasks as BSE’s managing director for the following six months.

“We have made this decision for the moment. It’s a six months trial period, and we shall see afterwards”, said Farmache at The Money Channel.

[Update 1]:
Stere Farmache, chairman and chief executive of Bucharest Stock Exchange will retire from chief executive position, as he received a better offer from a private company, said Petru Prunea, member of BSE management.

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