Romanian Stock Exchange (BVB) president Septimiu Stoica announced on Monday that he would resign from the job which may be taken over by Stere Farmache, the current general manager of the Stock Exchange, a BVB press release says.
Farmache told HotNews.ro that Stoica is in fact withdrawing from the post given his promis at a BVB board meeting that he would support unifying the posts of BVB board president and general manager, which may occur at the next BVB board meeting on December 18.
UPDATE: For his part, Septimiu Stoica told HotNews.ro on Monday he was displeased with the current duties of the BVB president job and says that should these duties be reviewed, he might reconsider his decision.
According to the BVB press release, Stoica has proposed the bourse board to unify the two jobs. He also proposed Farmache to take over as board president at the next general meeting vote.
The administrative board of the BVB accepted the proposals.
Stoica said he considered turning to law and maintain activities on the capital market once he leaves office. Stoica was elected head of the BVB for a five-year term in February 2006.
He served as deputy president of the Bourse boarde in 2001-2006. He currently serves as deputy president of the Brokers Association as well.