Romanian government replaces Tarom CEO on alleged unrealistic budget

The interim minister of transport, Radu Miruta, announced that the Board of Directors at flag carrier Tarom replaced interim CEO Bogdan Costas with Cristian Anghel, accusing the company’s management of failure to amend the 2026 budget plan that both sides agree is no longer realistic and revise the restructuring plan in line with market developments.

The Transport Ministry, as the sole owner of Tarom, has not approved the company’s budget of revenues and expenditures for the current year.

“They came up with a ridiculously unrealistic budget. We asked and demanded that it be restored to real figures. They didn't restore it. Maybe because there was no room left for fancy plans using public money,” minister Miruta explained.

Tarom needs to break even by the end of the year, under the restructuring plan linked to the state aid extended by the government.

Radu Miruta claimed that the dismissed CEO did not take any steps to restore the budget based on real data and delayed the steps to modify the restructuring plan.

“The board of directors found today that the director did not take any steps to restore the budget based on real data and unreasonably delayed the steps to the European Commission to modify the restructuring plan, in accordance with market reality. [...]For months, the company's executive management, appointed by PSD, has been asking me to approve, as a shareholder, a budget built on figures that it itself knows are unrealistic,” minister Miruta said.

The outgoing CEO claimed that the company took formal steps to amend the restructuring plan.

"In May 2026: I officially opened technical discussions with representatives of the European Commission.

In May 2026: I submitted to the Board of Directors a formal proposal containing the 4 strategic coordinates on which action was needed to adjust the plan.

In May 2026: I obtained the Favorable Opinion of the Board of Directors for this adjustment strategy.

All these documents were officially sent to the Ministry of Transport and minister Radu Miruţă. The ministry's response was total blockage: a complete lack of reaction. The minister did not approve the clear steps for adjustment, preferring later to blame the executive leadership," outgoing CEO Bogdan Costat claimed, as reported by Ziarul Financiar.

iulian@romania-insider.com

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