Marius Ghenea has quit his position as chief executive of the electronics and home appliances retail chain Flanco, three years and a half after taking the reigns of the company. Flanco was the only major retailer of home appliances whose turnover took a dive last year. "After the recent expiry of the contract and of my initial term with Flanco as chief executive, I decided to move on and continue on a different route in the near future, searching new professional and investment opportunities," Marius Ghenea stated. Ghenea''s salary package included an option plan, which allowed him to exercise his right to buy stock in the company at a preferential price. "Yes, I am one of the company''s shareholders now. I will remain so and I will attempt, without begin involved in its operations, to continue to support the company''s development, as I have a direct interest in Flanco through these shares. In case Flanco is sold to a strategic investor, I will collect on my profits, as well, by selling side by side with the other shareholders," Ghenea added. "Flanco''s Board accepted the resignation of Mr. Ghenea, who led the company from a small retailer with 20 million euro turnover to a national company with 100 million euro sales. The Board has begun looking for a new manager. Cornel Marian, the head of the Oresa Ventures fund, Flanco''s majority shareholder will act as interim CEO of the company in the meantime," stated Erik Hallgren, Managing Director of Oresa Ventures. ZF
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