Change of management at Rolast

The main shareholders of synthetic rubber parts maker Rolast Pitesti, three investments funds, last week decided to replace the management team. The changes in the management structure occurred – sources on the market say, because of the differences between the shareholders and former general manager Constantin Divan, which caused the latter to step down. The executive management of the company will fall upon a team of three former Tofan Group executives. Dumitru D. Popescu, former state secretary and head of the Romanian Government’s Restructuring Agency throughout 1994-1995 was appointed general manager. The change in the management of the company comes at a time when two of the investment funds that hold significant stakes in Rolast, Romanian Investment Fund (RIF) and Romanian Investment Company (RIC) are only about a year away from the exit. RIF, holder of 34.07% in Rolast and RIC – owner of 20% will cease to exist at the end of next year. ZF