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March 7, 2021

CFR S.A. manager resigns after just three months

CFR S.A. private Manager Dimitris Sophocleous resigned yesterday, according to realittea.net, after his management plan had been dismissed by the Board of Directors. The management of CFR accused the political factor of being ‘desperate’ not to lose control over a state-owned company and associated European financing. Dimitris Sophocleous (46), Greek-Cypriot citizen, was appointed as Manager of the company in January 2013.

At is first press conference in early April, Sophocleous said CFR was in financial distress and almost all its accounts were frozen either by ANAF or by the employees. The company posted an accounting profit of RON 1 ban for 2012 and operating loss of RON 550 M, according to the quoting source. Under such conditions, some of his sort-term objectives were to increase revenue per various components and reduce losses, the manager seeking to make CFR an independent company from an operating point of view. Speaking of the staff of the company, Sophocleous was saying salaries had not grown in the past seven months, that there were excess positions and also areas with a deficit of personnel. In addition, the company is supposed to pay outstanding salaries going back to 2008 amounting to RON 40 M, awarded by courts.

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