CEOs of Bulgaria National Electric Company Get Fired over Inaction

Lyubomir Velkov is going to be fired as CEO of NEK over inaction. Photo by BGNES

The two executive directors of the Bulgarian National Electric Company NEK, Lyubomir Velkov and Mardik Papazyan, are going to be fired by the end of the week.

This was announced Monday by the Bulgarian Energy Holding, of which NEK is a subsidiary. The decision for their dismissal will be made at the upcoming Board of Directors meeting of BEH.

The reasons for the firing of Velkov and Papazyan are that the two managers have failed to undertake the necessary actions to cut the expenditures and respectively - to reduce the losses - of the state-owned company.

BEH has even accused the two CEOs of inaction, and is going to hold them accountable for their failure to act. According to the Chair of the Board of Directors of BEH, they had to reduce the electricity prices as a measure to prevent losses.

 

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