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August 10, 2022

Stefanos Theocharopoulos nominated for Romtelecom presidency, sources say

The CEO of Romtelecom, Yorgos Ioannidis, will step down as of July 1, according to sources within the company. The company made this announcement yesterday, in an internal message to the staff. Cristina Popescu, spokesperson for Romtelecom, confirmed the CEO’s departure for Money.ro.

At the same time, according to rumours quoted by “Ziarul Financiar”, the OTE group, Romtelecom’s majority shareholder, has already opted for Stefanos Theocharopoulos, aged 43, currently Cosmote Romania’s executive director, as the new CEO of the company.

Theocharopoulos is said to have already met Romtelecom’s management team, a part of the evaluation process to appoint the team he will work with at the helm of the new entity.

Attending the signing of a memorandum of agreement with Moldova in the IT&C sector, the Communications Minister, Valerian Vreme, argued that the appointment of the future CEO of Romtelecom should abide by the provisions of the company’s privatisation agreement.

“Meetings of Romtelecom’s Board of Directors and of the shareholders are to take place during the day. As far as I am concerned, I think highly of Stefanos Theocharopoulos, currently the director general of Cosmote Romania,” Vreme stated, when asked to comment on the Cosmote executive’s potential appointment at the helm of Romtelecom.

Moving on to another topic, the Ministry of Communications intends to sell its shares in Romtelecom on the capital market. Vreme announced, early this month, that he was in favour of OTE’s proposed merger of Romtelecom and the mobile phone operator Cosmote Romania and of the plan to list the shares owned by the state in the future entity on the capital market, an operation which may occur in 12 months’ time.

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