Besim Jawad signed off as chief executive of Eureko Pensions, and will be succeeded by Radu Bradgarea, chief operating officer at Alico Romania, according to sources closed to the issue.
Contacted by Wall-Street, Besim Jawad (photo) confirmed his departure from Eureko Pensions.

“I will step down to take on new management responsibilities in the Euerko’s operations in the Netherlands, in insurance segment most likely”, said Besim Jawad.

He added that his term at the helm of the pension company in Romania will end when the Private Pension Supervisory Commission (CSSPP) will validate his successor’s mandate.

According to sources closed to the issue, Radu Bragdarea, chief operating officer of Alico Romania will succeed Besim Jawad.

Besim Jawad came in Romania in September 2006 to launch the operations of private pension company. “My experience here was unique, interesting and it was a real challenge in a very dynamic business climate”, Jawad commented.

He added that the decision to leave company was strictly personal and has no connection to the current economic woes in Romania and the pressures over the private pension system in Romania, such as the Ministry of Finance’s decision to lower pension contribution to 0.5% of participants’ gross income, from 2.5%.

“It is a strictly personal decision, and it is not the result of the hardships the local private pension market is facing. I came here to lay the groundwork of a private pension company and I can say I have succeeded. Personally, the Romanian experience changed my life radically, because I met my wife here and since January, I am a father”, Jawad told Wall-Street.

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