Flamingo Computers president Marius Ghenea announced that he would step down and leave the shareholding structure of the company, after seven years of activity. There are many questions and only few answers.
This is a normal situation for a company that has gone beyond Romanian boundaries and whose market value is estimated by its shareholders at almost 30 million dollars. According to Flamingo officials, one thing is certain: European expansion will continue, while the business goes on.
Seven years ago, when few Romanians knew their way around a computer and even less people were willing to pay thousands of dollars for such a machine, a thriving industry was born in the dorms of Bucharest complex Leu: Electronics students earned a lot of money by assembling computers from components.
A group of young graduates came from this mass of IT "craftsmen," Marius Ghenea, Dragos Cinca and Varol Islam, who established Flamingo Computers.
In seven years, Flamingo managed to reach Western Europe (The Netherlands), after conquering almost all Balkan outlets. According to the owners, the market value of Flamingo Computers now stands at 961 billion ROL, while the company employs more than 500 people.
On September 30, 2001, Flamingo Computers group posted turnover of 847.97 billion ROL, net profit worth 24.69 billion ROL and held 17% in market share.
Although Flamingo Computers had become so famous, no one could have anticipated the event that occurred at a time when the company experienced a peak period: Marius Ghenea, president of Flamingo Group Board, is stepping down!
He is leaving the management and the company, starting with January 1, 2002.
Why? The official variant grounds his move on "extreme exhaustion that built up over the years." What about the unofficial variants? There is none.
"I have no plans for the time being. My only plan is to take a long and relaxing vacation," Marius Ghenea, the electronic engineer speaking English, French and some German, Italian, Serbian, Croatian and Bulgarian, told Ziarul Financiar.
The shares will be sold for an amount that will remain undisclosed, according to group officials.
"As of January 1, 2002, I will leave the management and shareholding structure of the company, selling my stake to the other shareholders, mainly to Dragos Cinca, my colleague and friend, main shareholder and CEO of the group," Marius Ghenea said in a press release.
Why is Marius Ghenea selling his stake in Flamingo to the other shareholders? "Because it seems only natural and logical to sell the shares to those who have always worked to develop the group. Moreover, the company contract includes a preemption clause among the group's shareholders," Ghenea added.
Ever since the company's establishment, Dragos Cinca has been the main shareholder, with over 50% in Flamingo Computers, while Marius Ghenea owned approximately 33% and Varol Islam about 10%.
"There are also several small shareholders, company employees who will have the right to buy some of my shares, in accordance with the percentage they own now. Dragos Cinca will come to hold approximately 90% of the company," Marius Ghenea maintained.
Whatever happened to the third founder? Varol Islam, a Constanta inhabitant of Tatar origin, sold some of his shares about one year ago, keeping only a small part of the company capital, Marius Ghenea stated.
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