* He is set to leave the Supervisory Board, for which the president will be elected after the Easter holidays

Yesterday, after the Romanian National Securities Commission (CNVM) approved the decision of the shareholders of the company to implement dual management, Mihai Fercală, the president of SIF Transilvania, said that he will "most likely gof for an executive position". This means that a position will become available on the Supervisory Board, which is presently made up of only six people. "On this occasion, two new members would enter the Supervisory Board, in order to reach the proposed number of seven members", Mihai Fercală explained.

"In the coming period I intend to prepare my successor at the helm of SIF Transilvania, especially since I think of the SIF like a child of mine", he said. Speaking about the president of the Supervisory Board, Fercală said that his name will be announced in a meeting which will be held in the first week after the Easter holidays.

The shareholders of SIF Transilvania have recently approved the switch to the dual management system, with Supervisory Board and Directorate, from its current form of management through a Board of Directors and a president which is also a CEO of the company.

15 candidates are running for the seven seats on the Supervisory Board, including the current president of the Board of Directors and CEO Mihai Fercală, as well as the former A division football referee Constantin Frăţilă, who has been involved in a conflict with the management of the SIF for a long time now.

Following the vote, only six candidates received over 50% + 1 of the votes, and one seat has remained vacant. The members of the Supervisory Board will co-opt a temporary member, after they are confirmed by the Romanian National Securities Commission (CNVM).

Thus, out of the old Board of Directors, Mihai