Stere Farmache, the head of the Bucharest Stock Exchange (BVB), is planning to resign because he received and accepted an offer from the private sector, according to Romanian news agency Mediafax. An announcement made by Farmache in the BVB council on Wednesday, he would resign as general manager but would remain president of the BVB.

According to Petru Prunea, head of SSIF Broker, Farmache argued that the received a tempting offer from the private sector months ago and announced he would give a favorable answer to the offer.

Stere Farmache has accumulated the two position - of general manager and president of BVB, for a year. He was elected president the Stock Exchange Council by BVB shareholders on December 18, 200, replacing Septimiu Stoica, who had announced his resignation in November last year to allow that the two positions be held by only one person.

Stere Farmache, 52, has been managing BVB since its establishment in June 1995.