Банкеръ Weekly


New Cabinet Initiates Management Reshuffles in Energy

Expected changes in the board of the energy companies in the energy system of Bulgaria, albeit with some delay, have begun. By decision of the Board of Directors of Bulgarian Energy Holding (BEH) last week Ekaterina Istatkova was released as CEO of National Electric Company EAD, and in at hers place was appointed Peter Iliev. Mr. Iliev is a proven professional, extremely well known to people in the industry. He graduated from the Technical University in Sofia, specialty Thermal and Nuclear Power. He worked in the Heating Company of Sofia for nearly 25 years, beginning from the lowest levels of the structure and at the end reached the position of Deputy Director. He was a power engineer and chief engineer in TPP Zemlyane, deputy director of branch Lyulin and also worked for Bulgartransgaz. After a long time he started working in the NEC system at various managerial positions.

Certain tasks with which he will be charged are extremely important. In his hands will be entrusted the state-owned enterprise, literally ruined financially in recent years, which is now many leaks and financial shortages.
Changes have been initiated in the management of Maritsa East Mines. The Board Members appointed during the period in office of the Cabinet Oresharski - Georgi Christozov and Georgi Zlatev – were ousted. Their places in the management of the state coal mining company will take Dian Chervenkondev and Nikolay Dikov, while Ivan Andonov reserves its position on the Board of Directors.
The most well-known of these names is Dian Chervenkondev. He was Deputy Chairman of the Economy and Energy Committe in the 41st National Assembly and was responsible for energy issues in the GERB party, but before the elections in 2013 he gave up politics and embarked on other challenges. It seems that now he will again try to do something in the energy field. Who the new CEO will be, will become clear after the first meeting of the board of Maritsa East.
BEH changed completely also the composition of the board of Electricity System Operator EAD. The new team includes Ivan Yotov, Dimitar Valchanov and Milko Milkov who replaced Dimitar Gandev, Svetozar Velichkov and Shishman Chaoushev.

The state-owned Maritsa East II EAD appointed Dian Dimitrov to the Board of Directors who replaced Michael Mitkov.
The changes will take effect from the day of entry of the changes into the Commercial Register at the Registry Agency. The changes in the management of state-owned companies in the energy sector are said to be aimed at improving their management and also at stabilization of their financial situation.

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