Cosmin Ghita leaves Nuclearelectrica: Gioara interim CEO — NRG-IA

Executive Shake-up at Nuclearelectrica: Cosmin Ghiță to Step Down on October 2 — What Happened Nuclearelectrica changes its leadership on October 3, 2026, when Mihai Gioară takes over the interim mandate. The national company, which secures approximately one-fifth of Romania's total electricity generation, officially informed the capital market regarding the conclusion of the current CEO's mandate. This decision marks a major administrative transition phase for the most critical pillar of Romania's energy security. According to official reports submitted to the Bucharest Stock Exchange, as reported by financial news outlets Economica.net and e-nergia , the effective date of Cosmin Ghiță's resignation is October 2, 2026. Starting the very next day, on October 3, executive management will be assumed by Mihai Laurențiu Gioară, who currently serves as the company's Development Director, according to details published by Ziarul Financiar . The new interim CEO's mandate has been established by the Board of Directors for a maximum period of five months. This temporal limitation reflects the strict application of corporate governance standards, ensuring a temporary buffer until a competitive selection process is completed. Appointing an internal executive from the current management team is intended to minimize operational disruptions during a period of major investment decisions. The leadership transition follows nearly a decade under Cosmin Ghiță's stewardship, a tenure during which Nuclearelectrica transitioned from a standard nuclear asset operator to a developer of next-generation technologies, notably through its strategic partnership with US-based NuScale for small modular reactors. Voluntary Resignation and the Crucial Need for Executive Continuity The primary driver behind this top-level reorganization is Cosmin Ghiță's voluntary decision to step down from his role as Chief Executive Officer. Although the specific personal or professional reasons behind this departure were not detailed in the official communications to investors, the timing necessitates a rapid response from the Board of Directors to avoid an executive power vacuum. Appointing Mihai Laurențiu Gioară as interim CEO represents a direct technical solution to preserve institutional memory. From his position as Development Director, Gioară has been directly involved in coordinating the company's major investment files. This internal expertise reduces the risk of learning curves that an external manager unfamiliar with the nuclear sector would have faced. The provisional appointment procedure complies with the legal framework defined by Emergency Ordinance no. 109/2011 on the corporate governance of public enterprises. This legal framework obliges directors to act swiftly in the event of a vacancy but strictly limits the duration of interim mandates to prevent the perpetuation of leadership lacking full long-term mandate legitimacy. Governance Pressure and Potential Delay Risks for Multi-Billion-Euro Megaprojects The direct consequences of this management transition will be reflected in the company's capacity to negotiate and implement projects of national strategic importance. The most critical file on the executive's table is the refurbishment of Unit 1 at Cernavodă, a project with an estimated budget of €1.85 billion designed to extend the reactor's lifespan by another 30 years. Any administrative hesitation risks delaying the planned shutdown schedule. Furthermore, the Units 3 and 4 expansion project, valued at over €7 billion, is in advanced stages of negotiation with international consortia composed of companies from the United States, Canada, and South Korea. An interim mandate limited to just five months could reduce the negotiating leverage of Nuclearelectrica's representatives before foreign partners, who generally prefer stable, long-term interlocutors. On the capital market, while the initial reaction of SNN shares may remain tempered due to the plant's operational stability, institutional investors will closely monitor whether this change signals a broader reconfiguration of the Romanian state's energy strategy. Maintaining governance ratings and international creditor confidence depends directly on the transparency of this transition period. The March 2027 Deadline and the Selection Process for a Permanent Mandate The short-term outlook is governed by a clear deadline: early March 2027, when Mihai Laurențiu Gioară's five-month provisional mandate is set to expire. By that date, the Board of Directors is legally required to carry out a transparent and rigorous recruitment procedure to select a Chief Executive Officer for a full four-year term. The primary risk identified by energy market analysts is the potential for consecutive interim renewals, a frequent practice in Romanian state-owned enterprises that can dilute decision-making accountability. To ensure the timely completion of the Cernavodă and Doicești projects, the future…