Dan Bărbulescu, who in the last four years has run Cocor's Boardof Directors and has overseen the modernizing of the shoppingcenter, has announced he is stepping down from the company'smanagement, and is set to be replaced by Daniela Călin, manager ofBroadhurst investment fund's real estate portfolio, one of Cocor'smain shareholders.
"Considering that the individual shareholders of Cocor and theirrepresentatives rejected a new contract with our financial partnerBCR, both in the general meeting and in the Board of Directors, Ihave decided to appoint my colleague Daniela Călin asrepresentative of Staar Rating in Cocor's Board of Directors and asCocor vicepresident because I hope she will have more power ofpersuasion than I did," Bărbulescu said.
Staar Rating SRL is controlled by Dan Bărbulescu, and has in thelast four years represented Broadhurst investment fund in Cocor'sBoard of Directors. Bărbulescu has also been one of the best-paidmanagers on the Stock Exchange.
Staar Rating derived net income of 70,000 lei per month for theposition of Cocor's chairman of the board of directors in 2009,with the gross income cut to RON42,000 gross per month in 2010.
The ten-year loan taken out from BCR in 2009, amounting toEUR17.8 million, came with a fluctuating interest calculated assix-month EURIBOR (euro's interbank interest) plus 4.5%.
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