Tarom announces private management

Newsroom 12/10/2012 | 11:59

Romanian airline Tarom, the first state-owned company in Romania to benefit from private management, has a new board of administration. Its members are Dumitru Prunariu (retired Romanian astronaut), Dan Pascariu (president of Unicredit Tiriac bank), Lucian Isar (former environment minister), Marius Ghenea (businessman, owner of online stores PC Fun and PC Garage), Ciprian Ladunca, Valentin Macec and Heinrich Vystupil, announced the minister of transports, Ovidiu Silaghi, this Friday.

The future GM of Tarom will be one of the seven members of the board of administration whose duty will be to turn Tarom back into a profitable company, said Silaghi.

Board members have a four-year term. They were recruited following the government’s agreement with the IMF to appoint private managers for 10 state owned transport companies, including Tarom.

Tarom failed to reach breakeven in 2011 and has reported RON 252.18 million loss (approximately EUR 58 million). Although the loss was down 24.16 percent y-o-y, it continued to be higher than the RON 234.7 million level reported in 2009.

Simona Bazavan