In almost one month's time, Wolfgang Ruttenstorfer, 61, the manwho bought the biggest company in Romania, Petrom, will step downas CEO of OMV, after a nearly ten-year term at the helm of theAustrian petroleum group. Tomorrow Petrom and OMV announce the lastfinancial results under Ruttenstorfer.
Ruttenstorfer and Treichl, another austrian - CEO of Erste Bank,the owner of BCR in Romania - who's mandate will expire in oneyear, can be considered the most powerful executives in Romaniagiven that Petrom controls around 40% of fuel distribution, and BCRaccounts for 20% of the banking market. In fact, the two are alsoheads of the supervisory boards of Petrom and BCR respectively, setup after the privatisation of the two companies to keep a close eyeon the performance of chief executives.
According to 2009 data, Petrom generated around 17% of OMV'sbusiness, with the local company accounting for more than half thehydrocarbon reserves controlled by the Austrians, while in Erste'scase around 20% of its assets are accounted for by BCRassets.
Ruttenstorfer's departure from the helm of OMV was announced asearly as the end of March 2009, when it was decided to extend hismandate until April 2011, and to appoint Gerhard Roiss as CEO ofthe group after that date. Roiss, 59, is currently deputy CEO andhead of the refining, marketing and petrochemical division.
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