Key move. Romeo Cucu appointed as new financial director of Elefant Online

The shareholders of Elefant Online appointed Romeo Cucu as new financial director, replacing Alexandru Namasco, who resigned from this position.

Previously, Cucu was the financial director of the toys stores chain Noriel.

The online retailer Elefant launched an online bookshop in 2010. During 2014-2016, the company has strongly expanded through its products range development and though the diversification of the delivery methods, by setting up several delivery points in several cities from the country.

It also expanded its business in the Republic of Moldova.

In 2015, the retailer registered a turnover of RON 77.5 million, by 60.4 percent more compared with the previous year, according to the data from the web page of the Public Finance Ministry. On the other hand, the net loss went up by 53.5 percent to RON 9.71 million, according to profit.ro.

The main shareholder of the retailer is Millennium Gold Resources Limited, owned by the former PM of Republic of Moldova, Ion Sturza.

The group of firms Noriel has a turnover of over EUR 30 million and was bought in April 2016 by the Polish investments fund Enterprise Investors for EUR 24 million.