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News from Members Chimcomplex announces the new structure of the Board of Directors The new board will have a majority of independent members, with the Chairman, Mr. Stefan Vuza, the only representative of the majority shareholder

Chimcomplex announces the new structure of the Board of Directors The new board will have a majority of independent members, with the Chairman, Mr. Stefan Vuza, the only representative of the majority shareholder

by Chimcomplex August 2, 2022

Chimcomplex announces today the new structure of the Board of Directors that will lead to streamlining and improving the decision-making process within the company and corporate governance.

The members of the Chimcomplex Board of Directors are leaders in different fields, bringing global expertise in the field of chemical industry, commercial, finance and audit strengthening the company. Two of the members are women and three of them are foreign citizens.

Together with Mr. Stefan Vuza, Chairman of the Board of Directors, they will establish the company's strategy and will supervise its implementation between August 2022 and 2023. At the same time, on August 12, 2022, the Ordinary General Meeting of Shareholders was convened to approve the appointment of another 2 administrators, the number of administrators increasing from 5 to 7. The company’s objective is to attract more experts needed for good analysis in the decision-making process, knowing that the global market is going through great turbulence.

"The international experience and extensive knowledge about industry and business of the 4 independent members approved today, as well as the 2 who will join us in approximately 2 weeks, are perfectly in line with the priorities of Chimcomplex. I am confident that increasing the number of members from 5 to 7, 6 of whom will be independent will bring a valuable contribution to our board as we grow. It is a premiere in Romania for a majority shareholder to be in the minority (1 out of 7) in the board of his company, thus ensuring transparency of the administration act. Two strong and confident women joined us on the Chimcomplex board, which is another win for the company. I believe that the seniority and enthusiasm of the new experts is an advantage to continue to transform the company, to incorporate sustainability, digitalization and international experience into our processes, investment plan and corporate practices", said Mr. Ștefan Vuza, Chairman of the Board of Directors of Chimcomplex.

Dr. Ing. Virgiliu Băncilă, Vice-Chairman of Chimcomplex retires after 55 years of activity "I want to thank Mr. Băncilă, for his passion and dedication to Chimcomplex and its shareholders. His experience and advice at critical moments of the company's evolution have been invaluable to the board and to me personally,” added Mr. Vuza.

The 4 new Chimcomplex administrators approved today are:

Mrs. Madeline Alexander, a legal entity administrator, with over 30 years of international experience in audit and financial advisory for numerous local or international companies in various industries, including the chemical industry. For the last 23 years of activity Mrs. Alexander has been a partner in audit companies from The Big 4 (Deloitte and KPMG). Mrs. Alexander is accredited as a US GAAP and IFRS expert in the United States and Romania. She is a member of the Romanian Chamber of Financial Auditors (CAFR), ASPAAS, CECCAR as well as Chartered Certified Accountant (CPA) in the United States of America. Mrs. Alexander has dual citizenship Romanian and American, and in addition to the world-class expertise in auditing, the financial field and risk management, will also be the developer of relations with the international financial environment.

Mr. Gabriel Tischer, entrepreneur, has led for 20 years companies from very different industries. The experience of the last 3 years in his first position in the public area, that of President of the Board of Directors of Sibiu International Airport, motivated him to develop his career, by becoming the candidate of the Democratic German Forum in Sibiu for the position of President of Sibiu County Council.

Mr. Witold Urbanowski, CEO of CIECH Soda Romania for the past 9 years, is a specialist with over 20 years of experience in operational management, restructuring processes and business administration in the field of the chemical industry.

Mrs. Veronica Preoteasa, has over 37 years of experience in the chemical industry, out of which 19 years in management positions, 10 years of consultancy in the field of polyurethanes and entrepreneurship in the trade and distribution of chemicals. Mrs. Preoteasa developed her expertise in key areas of the chemical industry: marketing, investment, creation and launch of new products.

The company also announces that it is strengthening its team of board consultants by appointing Mr. Petru Nicolescu, engineer, as the State of Romania representative.

Under the coordination of the new Board of Directors, Chimcomplex targets leadership in all business segments, organic growth, new acquisitions, listing on international stock exchanges, further digitization and increasing synergy between CRC group companies.

About Chimcomplex

Chimcomplex is the leading manufacturer and supplier of vital chemicals in the region, specializing in polyols, Chlor alkali and Oxo-Alcohols. It is a strategic company for the Romanian economy, the largest chemical plant with 2 industrial platforms, one in Onești and another in Râmnicu Vâlcea. Chimcomplex is a chemical company with a tradition of almost 70 years, which develops quality products for a better life and a sustainable future. In 2021, Chimcomplex recorded a turnover of 2.244 billion lei.

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