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The Romanian Economy Ministry is currently selecting the winning tender to select private sector CEOs for state-owned companies from a shortlist that includes headhunters Spencer Stuart and Egon Zehnder, according to Romania Insider.
This is the second bid initialled by the Romanian Economy Ministry, after an unsuccessful attempt in December last year, when there were no applicants. The first bid required a consortium of companies with a 40 million Euro turnover over the last three years and 10 million Euro in turnover for each of the consortium members. The bar was, however, lowered and the Ministry is no longer demanding 10 million Euro turnover for consortium members.
The first bid in the ‘private CEO for state companies’ programme was won by executive recruitment firm Pedersen & Partners, in partnership with Roland Berger and Nestor Nestor Diculescu Pedersen (NNDKP) law firm. They drafted the task book for the executive recruitment companies that will select the CEOs.
Romania has made a pledge to the International Monetary Fund to hire private CEOs for state companies, which have been haemorrhaging cash in recent years. The winning company will create a shortlist of private sector candidates to become CEOs for Hidroelectrica, Oltchim, Electrica Furnizare and Compania Nationala Romarm.
It is expected that the winning bid will be revealed early next week.