Pan Group Craiova owners give up executive powers

Craiova-based Pan Group milling and bakery producer, a major player in the industry, has a new chairman of the board of directors and a new CEO as of this month, after Ion Busuioc, the company's majority shareholder and chairman, and Florin Busuioc, a shareholder and CEO, have decided to withdraw from the executive management. The two shareholders (father and son) have not yielded control over the company, though, and decisions will be mainly made by Florin Busuioc and his sister, Raluca Birzu. The two entrepreneurs' move follows a pattern crayoned by several Romanian businesspeople, who have decided to leave their executive powers in the hands of some managers with experience in other domestic businesses. While Ion Busuioc's decision is based on "personal reasons", Florin Busuioc, 38, gave up his CEO position with the company to be able to get actively involved in other businesses, as well.