End of an era: Ruttenstorfer, the man who bought Petrom, leaves

In almost one month's time, Wolfgang Ruttenstorfer, 61, the man who bought the biggest company in Romania, Petrom, will step down as CEO of OMV, after a nearly ten-year term at the helm of the Austrian petroleum group. Tomorrow Petrom and OMV announce the last financial results under Ruttenstorfer.

Ruttenstorfer and Treichl, another austrian - CEO of Erste Bank, the owner of BCR in Romania - who's mandate will expire in one year, can be considered the most powerful executives in Romania given that Petrom controls around 40% of fuel distribution, and BCR accounts for 20% of the banking market. In fact, the two are also heads of the supervisory boards of Petrom and BCR respectively, set up after the privatisation of the two companies to keep a close eye on the performance of chief executives.

According to 2009 data, Petrom generated around 17% of OMV's business, with the local company accounting for more than half the hydrocarbon reserves controlled by the Austrians, while in Erste's case around 20% of its assets are accounted for by BCR assets.

Ruttenstorfer's departure from the helm of OMV was announced as early as the end of March 2009, when it was decided to extend his mandate until April 2011, and to appoint Gerhard Roiss as CEO of the group after that date. Roiss, 59, is currently deputy CEO and head of the refining, marketing and petrochemical division.