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Oltchim Management Quits as Privatization Approaches

6:24 AM MDT | September 7, 2012 | Ian Young

The CEO and 16 senior managers of Oltchim (Râmnicu Vâlcea, Romania) have resigned after the Romanian government announced plans to sell its majority stake in the company at auction. The government's decision marked a change of strategy from its previously announced plans for Oltchim's privatization. The state owns almost 55% of Oltchim. CEO Constantin Roibu had led Oltchim for more than 20 years. He and the senior managers cite a dispute with Remus Vulpescu, head of the Romanian economy ministry's state ownership and privatization office. Vulpescu had...

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