Nicolae Demetriade resigned, Dan Pascariu remains chairman on the TAROM Board of Directors, Belgian Christian Heinzmann will end his term on 19 November 2013
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About 1 year ago, I wrote an article for ANAT magazine regarding the TAROM situation. Since then I have anticipated that politics will make its presence felt and things will not go well. Since November 2012 I have said that private management can be a good solution, but the whole process must be depoliticized and the future CEO should be left to do his job.
The situation at TAROM has been agitated since the beginning of private management. Conflicts between the Board of Directors and the CEO emerged from the first days of collaboration. Along the way, they increased, and Dan Pascariu, chairman of the TAROM Board of Directors, "forced" Christian Heinzmann to sign an additional act by which the mandate was reduced to 1 year.
It is clear that the interests are great. TAROM was and is a company that can produce, that can be profitable, that can be a source of money for the "smart guys". These things can be observed from the statements of some members of the Board of Directors, of some politicians directly or indirectly involved in the activity of TAROM company and of some actions made by the Board of Directors during this year.
It all ended yesterday when Dan Pascariu and Demetriade presented a report stating that Heinzmann's term of office cannot be extended, and the Ministry of Transport would have invoked diplomatic pressure to keep the Belgian in office. Following this hearing, Nicolae Demetriade resigned, but Mr. Dan Pascariu remained in office and waited for the GMS decision, a decision that has not arrived.
The meeting of Tarom shareholders was postponed because not all shareholders were present. Representatives of SIF Muntenia, which owns only 0.09% of the shares of TAROM airline, were missing and even asked for some clarification. As a result of these actions, Dan Pascariu remains 30 days at the head of CA TAROM.
Looking at things from another perspective, my personal opinion is that all this action was premeditated by Mr. Dan Pascariu. I think the absence of SIF from the GMS meeting is part of the strategy, as is the resignation of Mr. Nicolae Demetriade. Mrs. Ramona Mănescu, Minister of Transport, moves all responsibility regarding the CEO to the CA yard, and we can anticipate the outcome.
The Board of Directors will meet next week and make a decision on Mr. Heinzmann. As the situation stands, the Belgian will be removed from the position of CEO TAROM. I believe that his mandate will not be extended after the 19 November and I expect Mr. Nicolae Demetriade to be nominated for this position. It remains to be seen what will happen at TAROM after 19 November 2013.
The above plan would be the most pessimistic. The most optimistic thing would be for Mr. Dan Pascariu to step down from the board of directors and Mr. Christian Heinzmann to remain CEO and see if he will be able to fulfill his goals.