THE BUCHAREST STOCK EXCHANGE HAS A CEO Victor Cionga, validated by the CNVM

Victor Cionga has been validated by the Romanian National Securities Commission as CEO of the Bucharest Stock Exchange, in yesterday's meeting, after more than a month and a half after being proposed for this position.

Mr. Cionga was validated for that position with a majority of votes, after the Commission reviewed the latest documents submitted and had a talk with Lucian Anghel, the president of the BSE, according to Gabriela Anghelache, the president of the CNVM.

Mrs. Anghelache said that the meeting of the CNVM ended pretty late last night, so the decision for the validation of Victor Cionga may be issued today.

On July 18th, the management of the Bucharest Stock Exchange appointed Victor Cionga, managing partner at AZ Capital Advisors, as CEO.

At the time, Victor Cionga was saying that he has accepted the proposal of the Bucharest Stock Exchange "out of the wish to do everything he can to make the company successful".

Leadership Development Solutions, led by Radu Furnică, was hired in March, to find a CEO for the BSE. At the time, Radu Furnică said that it was his personal ambition for the new CEO to be Romanian.

Even though the naysayers claimed that the name of Cionga was not on the list of Furnică, the recruiter denied these claims, in July.

Until the appointment of Victor Cionga, the BSE was led, on the executive side, by deputy CEO Alin Barbu, after former CEO Valentin Ionescu, was dismissed in November 2011, for failing to meet his contractual targets. A group of shareholders had previously asked for the change of the management of the BSE, which was achieved in the beginning of this year.