Businessman Ovidiu Tender, owner of Grupul Energetic Tender energy group, appointed a management team made up of seven Austrian managers, led by Peter Eisnekolv. Their combined salary package amounts to €1 million. “The team manages all the companies I own. I decided to employ a team of expats because Romanian managers did not obtain the expected results,” Tender said. He added that choosing an Austrian management team was intentional, but their profile was best suited to his needs. The management of Grupul Energetic Tender is carried out through Vulcan International, whose headquarters is in Vienna.
“I made this decision at a time when things were bad. The results are already visible after the first quarter. Vulcan, which last year posted losses, has become profitable,” Tender said.
According to executive search specialist George Butunoiu, Austrian managers are preferred to British or French managers because Austria is closer to Romania, making relocation costs lower. He said a new trend is visible on the market, namely the “importing” of Austrian managers for construction projects.
“There are many Austrians in the top management of Romanian companies. Another reason is that Austrian companies were among the first Western companies to launch businesses in Eastern Europe, and Austrian managers have a good knowledge of the business environment in the area,” Butunoiu added.
Among local companies with Austrian top managers are Petrom oil company, controlled by Austrian OMV group, lender Banca Comerciala Romana (BCR), controlled by Austrian Erste group, Asirom insurer, five-star JW Marriott hotel and Tornado Sistems IT company. Rumors on the local market indicate that businessman Ion Tiriac, one of Romania’s wealthiest people, could employ an Austrian manager for his business, Tiriac Holdings.
Romania is the closest emerging market to Austria, according to law firm Schoenherr’s Equity Partner Markus Piuk. He said that Austria is a very small market, compared to other Western countries. “Those who want a career go abroad and emerging markets provide significant experience,” he added. Furthermore, Romania has a strong Austrian community, Piuk said.
