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Govt Appoints 2nd CEO of Bulgarian Energy Holding

Date: 27.07.2010

The Economy Ministry has appointed a second Executive Director of the state megastructure Bulgarian Energy Holding.

The Borisov government recently appointed Maya Hristova, who was a Deputy Economy Minister for several months, as the new CEO of BEH.

Now it is placing Yordan Georgiev as the second director of the holding. 33-year-old Georgiev is a former colleague of Economy Minister Traikov from the Roland Berger consultancy, and holds an Austrian citizenship.

Traikov has also appointed two new members of the Board of Directors of BEH – Valentin Gruev and Mariy Kosev.

Kosev replaced Maya Hristova as Deputy Economy Minister after being a financial director at the National Electric Company NEK.

Gruev is a former member of the governing board of the Blagoevgrad tobacco plant, and a current member of the board of the newly-founded State Consolidation Company, which was set up in the spring of 2010 in order to carry out the privatization of state minority shares in some 50 companies in order to raise revenue.

Dobrin Stefkin, who was appointed in November 2009, has been removed from the BEH board.

The plans of the Bulgarian Economy Ministry still provide for the restructuring of the Bulgarian Energy Holding. It should become clear by the end of July how exactly the re-organization will be done.

The Ministry is considering several options including forming a separate company for state assets in the energy production sphere, and a second holding dealing with the distribution of electricity and natural gas.

The Bulgarian Energy Holding was set up in 2008 by the Stanishev government in order to consolidate the largest state owned energy companies.

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