The shareholders of Tiriac Holdings yesterday announced Vaduva’s appointment, indicating that he is in charge of making the group’s operation more efficient and increasing the profitability of the group’s companies.
The appointment comes several months after the resignation of former CEO, Anca Ioan, who doubled the holdings’ turnover in three years.
According to sources on the headhunting market, the manager recruited by Tiriac Holdings is the best choice for a business in the midst of a crisis period, because he went through four crises during his career in Mexico, Russia, the Middle East and the United States. Furthermore, he has a strategic approach, a macroeconomic outlook, and the ability to rethink the entire business concept when demand and markets shrink.
He is not the type of manager who sharply cuts costs, but an executive able to reshape the entire system of values of a company, specialists added.
“I am convinced that my nomination to lead Tiriac Holdings is a strategic and beneficial step for both the team I will be part of and for myself. I trust that the adaptability and flexibility I acquired in major projects, in a variety of financial, economic and legislative environments, will help me meet business goals established with Tiriac Holdings shareholders,” Vaduva added.
According to market sources, Vaduva was headhunted by Radu Furnica, one of the top specialists in the field. Some 40-50 senior executives were considered for the position, but only five of them made it onto the short list, and got to meet their possible employer.
The salary package is “beyond any framework,” the sources added, given that survival and adjustment during the crisis are at stake.
The senior Tiriac’s son, Ion Alexandru Tiriac, said: “In the context of a difficult economic background, we considered that Mr. Vaduva’s professional profile and experience fit our group’s profile and development pace best.”
Vaduva, 48, has an MBA from Yale Business School, has experience in the financial investment field, and held key positions in U.S.-based and European companies, such as JP Morgan, Bear Stearns, and UralSib. The latter is controlled by Russian billionaire Nikolai Tsvetkov, founder and President of Nikoil Financial, who ranks 113th in the Forbes billionaire list.
However, business was not the Vaduva’s first choice. He holds a biochemistry degree from the Columbia University and was initially interested in teaching.
He returned to Romania in 2007, when he established Intrepid GEM, an asset management fund managing assets with global emerging market exposure for high net-worth individuals.
Tiriac Holdings, whose annual turnover amounts to some €2 billion, has operations in car imports, real estate, leasing, and air transportation.
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