AFTER FOUR YEARS AT THE HELM OF THE BSE Lucian Anghel has proposed to the "Alpha male" the halving of his salary

Ludwik Sobolewski, who called himself the Alpha Male of the stock market, has received from BSE president Lucian Anghel, an offer for a new term as CEO of the Bucharest Stock Exchange, which includes a fixed salary cut by half, according to some market sources.

The BSE has never disclosed the salary of the CEO, but BURSA wrote that he had the same compensation in Bucharest as in Warsaw, with a fixed salary of 17,000 Euros a month, and in the first two years of his term he was paid a bonus of 450,000 Euros.

The Board of the Exchange discussed the proposal to reduce the salary of the CEO about three weeks ago, according to our sources. According to them, Ludwik Sobolewski verbally turned down the offer, but he also said that he would answer in writing within a week. The discussion wasn't however recorded in the minutes of the Board meeting, as the president of the Exchange, Lucian Anghel told his colleagues that it was informal, our sources told us.

They add that Sobolewski hasn't kept his word, leaving the Board of the Exchange hanging all this time.

Some voices are saying that Lucian Anghel is hesitant when it comes to summoning the Board of Directors to make a decision on the future CEO term, even though he has been asked to do so.

With the expiration of Sobolewski's term drawing near (August 21st), the management of the BSE demonstrates irresponsibility by failing to make a clear decision on the issue of the future CEO.

Even though the BSE has committed to the principles of corporate governance, they are frequently violated, as the decisions are made through deals made at the last minute.

The management of the BSE knew four years ago that Sobolewski's term would end on August 21st, 2017. The event was 100% predictable, yet it caught us by surprise.

If Sobolewski doesn't want to stay in Romania anymore, then the management of the BSE needs to negotiate with somebody else.

There are alternatives, they are being discussed in the market, but as long as the position of CEO of the BSE isn't available, and Sobolewski isn't giving an answer, any proposal would seem frivolous.

In the four years of his mandate, Sobolewski did not have spectacular results, but he has demonstrated his ability of introducing himself, of convincing people that he is the best.

As soon as he arrived in Bucharest, Ludwik Sobolewski called himself the Alpha Male of the stock market, showing who was the boss, in a manner disrespectful to the Exchange and to Romania.

During his term he only discussed things that suited him and constantly blamed everything that didn't work out on others.

Now Sobolewski seems to be on the ropes and it remains for him to show his ability in this situation as well.

The game has several variables, because a meeting of the Board of Directors is summoned for Friday, which has as its topic the appointment of a new board member, after the death of Cristian Micu.

"BURSA" wrote that for this position, it has been Radu Hanga and Mihai Chişu that have been nominated. It seems however, that the Nomination Committee only validated Radu Hanga, but the procedure was disputed by some board members.

Some voices claim that the EBRD representative Otto Naegeli opposed the appointment of Mihai Chişu on the Board of Directors due to the fact that in the past Chişu worked for Gelsor, an investment fund created in 1999 and owned by businessman Sorin Ovidiu Vântu.

Another variable in the negotiations is the presence on the Board of Directors of Mrs. Claudia Ionescu, who is set to be approved by the ASF.