Adrian Urda replaces Dan Ostahie as Altex CEO

Ostahie’s resignation from the most important executive position ends an era when entrepreneurs also held executive positions in businesses they founded. All other entrepreneurs in the field have quit the businesses they developed by selling these to strategic and financial investors. Ostahie said that he has received takeover offers for Altex more than once, but would rather continue to expand the company and increase the business.

The Altex group operates the Media Galaxy, Altex, Altex Megastore and Digit'Up store chains. Altex's net sales amounted to some €200 mln in the first nine months of 2007, while the company's main competitors, Domo and Flamingo, posted sales worth €125 mln and €100 mln, respectively.

Considering Altex's evolution so far, company officials expect sales to exceed €300 mln by the end of 2007, and to register €6 mln in net income, following the €3.8 mln loss registered in 2006, which means a 2 percent net profitability index. According to the company's COO, the 2008 forecast indicates net sales of €350 mln.

The household appliance, electronics, and IT&C product retail market is estimated at €1 billion in 2007, up 10-15 percent year-on-year, according to players in the field.