Filimon vacates the seat of SAI Muntenia, but remains CEO

Gabriel Filimon has resigned yesterday from the position of president of SAI Muntenia Invest, the manager of SIF4 Muntenia, leaving the seat available for SIF Banat Crişana, which recently obtained the approval of the ASF for acquiring the controlling interest in SAI Muntenia.

The position was quickly taken over by Dănuţ Porumb, the head of the Legal Department of SIF1 Banat Crişana, according to the decision of the General Shareholder Meeting of SAI Muntenia made yesterday, which is a sign that these moves aren't accidental, but actually well planned in advance.

Besides, once SIF Banat Crişana has announced its intention to take over the director of SIF4, in February, the conflict that had been going on for almost a year between a group of shareholder and the managers of SAI Muntenia suddenly wound down.

Gheorghe Iaciu, the owner of Doraly and one of the most important shareholders of SIF4, with a stake of 5%, who stood out as one of the most active critics of the management of Gabriel Filimon, expressed his pleasure with the changes which will occur once SIF1 will take over the manager of SIF4.

Dragoş Bîlteanu, the president of SIF Banat Crişana, seems to have succeeded, at least for the moment, to make peace in a war that not even the courts were able to make sense anymore.

Last month, he said that SIF1 Banat Crişana intends to restructure and streamline the activity of SAI Muntenia Invest in cooperation with the current management.

Thus, the fact that the term of Gabriel Filimon as CEO of SAI Muntenia was renewed yesterday does not represent a surprise, but a confirmation of Bîlteanu's statements.

Even though the president of SIF1 will still keep Filimon in charge, Gheorghe Iaciu doesn't seem too upset by that, but he does warn that he craves results.

"This is an internal matter of SAI (ed. note: keeping Gabriel Filimon as the CEO)", Gheorghe Iaciu told us yesterday, and he went on to say: "As shareholders, we see changes happening. A better management depends on a good team and we see that the team is beginning to adapt. It is a step forward. We are waiting to how the changes in the team at SAI Muntenia will affect us".

SAI Muntenia will reduce the number of positions by 36% from 70 to 45, prior to the investment management company being taken over by SIF Banat- Crişana (SIF1), according to some decisions recently made by the General Shareholder Meeting.

Even though the number of positions will be reduced, Muntenia Invest will have the same organizational structure and internal regulations.