The search for a new Chief Executive Officer at hidroelectrica, Romania’s largest power supplier, has been paused as the company’s Supervisory Board relaunches the selection process. The decision follows a completed search that failed to produce a suitable candidate, highlighting the challenges of finding leadership aligned with the company’s evolving strategic context and heightened governance standards[[1]]. The move impacts the search for a new CFO as well, as that process also yielded no viable candidates.
UPDATE 22:10 The search for a new CEO at Hidroelectrica is hitting pause. The company’s Supervisory Board has announced it will restart the selection process for the top leadership position.
The decision comes as the Romanian energy giant navigates a period of change and increasing scrutiny over corporate governance.
Hidroelectrica informed shareholders and investors that a transparent and competitive selection process, conducted by an independent expert as outlined in Emergency Ordinance No. 109/2011 regarding the corporate governance of public enterprises, concluded without a nomination of candidates from the shortlist. The final evaluation included analysis of letters of intent and interviews, based on previously communicated criteria.
According to a statement released today, November 26, 2025, the Supervisory Board determined that no candidate fully aligned with the requirements of the CEO position given the company’s current operational and strategic context and the complexity of the role.
In accordance with Emergency Ordinance No. 109/2011 and principles of transparency, competitiveness, and integrity, the Supervisory Board has decided to immediately relaunch the selection process.
To ensure operational continuity until the selection is complete, the Supervisory Board is maintaining interim measures regarding the assumption of CEO and CFO responsibilities.
“Maintaining standards of competence is a legal obligation, not an option,” the company stated. “The result of the selection process reflects the correct application of the legal framework, as well as respect for best practices. Hidroelectrica reconfirms its commitment to solid, transparent, and high-performing governance.”
The Hidroelectrica Supervisory Board remains “fully dedicated to finalizing the selection procedure quickly without compromising the principles of transparency, competitiveness and compliance,” adding that respecting the legal framework and the standards of Emergency Ordinance 109/2011 is essential for credible and effective governance, according to the announcement sent to the Bucharest Stock Exchange.
Initial Report
The decision to reopen the search for a Director General (CEO) was made by the Supervisory Board as the company approached a November 28th deadline for a decision, with two candidates reportedly remaining in contention.
The process, which began at the end of last month, also included the selection of a new Chief Financial Officer (CFO), but no candidate met all the criteria, leading to that search being restarted as well.
According to information from Mediafax, the two finalists in the running for the top executive position at Hidroelectrica were Mihai Aniței and Radu Ioan Constantin.
How the Decision Unfolded
The company, which holds the largest supply share in the competitive market with a customer portfolio recently exceeding one million, reported lower production and net profit for the first nine months of 2025 due to unfavorable weather conditions and a changing management structure influenced by PNRR requirements. The news comes as energy companies face increasing pressure to demonstrate strong governance.
Energy Minister Bogdan Ivan stated on Tuesday that over 90% of energy companies will fully comply with the principles of corporate governance, in accordance with the requirements included in the PNRR milestone, by the Friday deadline, a milestone that led to the postponement of payments of over 200 million euros.
Hidroelectrica is a state-controlled company, with the Ministry of Energy holding 80.05% of the shares. As of Monday afternoon, its market capitalization reached 53.6 billion lei. The company operates 188 power plants with a hydroelectric capacity of 6.4 GW and also owns a wind farm in Crucea, with an installed capacity of 108 MW.
